Master Supertrend [Trendoscope]

Are you a fan of supertrend? Me too!! Here is a supertrend indicator which provides multiple variation options to chose from.

🎲 Introduction
Supertrend is a popular technical indicator used by traders to identify potential trend reversals and determine entry and exit points in financial markets. It is a trend-following indicator that combines price and volatility to generate its signals. Generally supertrend is calculated based on ATR and multiplier value which is used for calculation of stops. In these adaptions, we look to provide few variations to classical methods.

🎲 Variations
Following variations are provided in the form of settings.

🎯 Range Type
Instead of ATR, different types of ranges can be used for stop calculation. Here is the complete list used in the script.

• Plus/Minus Range - Calculates plus range and minus range for each candle and uses them for different sides of stop calculation
  
• Ladder ATR - Based on the existing concept of Ladder ATR defined in Supertrend-Ladder-ATR
  
• True Range - True range derived from standard function ta.tr
  
• Standard Deviation - Standard deviation of close prices
  

🎯 Applied Calculation
In standard ATR, rma of TR is used for calculations. But, the application calculation provides option to users to use different mechanisms. It can be a type of moving average or few other types of calculations.

Available values are

• sma
  
• ema
  
• hma
  
• rma
  
• wma
  
• high
  
• median
  
• medianHigh (Highest of the last N medians)
  
• medianLow (Lowest of the last N medians)
  

🎯 Other options

Few other options provided are
Use Close Price - If selected stops are calculated based on the close price instead of high/low prices
Wait for Close If selected, change of supertrend direction is calculated based on close price instead of high/low prices
Diminishing Stop Distance - When selected, stop distance for the trend direction can only reduce and cannot increase. This option is useful for keeping the tight stops on strong trends.

🎯 Plus Minus Range
One of the range type used is Plus/Minus Range. What it means and how are these ranges calculated? Let's have a look.

Plus Range is an upward movement of a candle from its last price or open price whichever is lower.
Minus Range is a downward movement of a candle from its last price or open price whichever is higher.

This divides True Range into two separate range for positive and negative side.

Here are the simple settings in nutshell which reflects the same.

Release Notes:

Added simple alert options :)