This indicator is based on Multi timeframe supertrend . i use pine script function ta.supertrend() ..

The Multiple Timeframe Supertrend is a technical analysis indicator that helps traders identify the overall market trend across different timeframes. It is based on the concept of the Supertrend indicator, which is designed to follow the trend and provide buy or sell signals.

The Multiple Timeframe Supertrend takes into account the Supertrend indicator's values on multiple timeframes, typically a higher timeframe (e.g., daily or weekly) and a lower timeframe (e.g., hourly or 15 minutes). By considering the trend direction on both timeframes, traders can get a broader perspective on the market trend and potentially improve their trading decisions.

general approach to using the Multiple Timeframe Supertrend indicator
  • Determine the timeframes: Choose the higher timeframe and the lower timeframe you want to analyze. For example, you might use the daily and hourly charts.

  • Calculate the Supertrend on each timeframe: Apply the Supertrend indicator separately on each timeframe, using the appropriate parameters (such as period and multiplier).

  • Analyze the trend: Compare the Supertrend values on both timeframes. If the Supertrend is bullish (indicating an uptrend) on both timeframes, it suggests a stronger bullish bias. Conversely, if both timeframes show a bearish Supertrend, it indicates a stronger bearish bias.

  • Trading decisions: Based on the analysis, you can make trading decisions. For example, if the higher timeframe shows an uptrend and the lower timeframe confirms the same trend, you might look for buying opportunities. Conversely, if both timeframes indicate a downtrend, you might consider selling or shorting.
Open-source script

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