Supertrend Multi Time Frame
Greetings, Dear Trader.
This is the Multi Time Frame version of the Supertrend indicator:
- It helps to visualize the trend for choosing the market entry points during trading;
- It allows to see the indicator values for the higher timeframes (Multi Time Frame) on the current chart, which increases the quality of trading.
- User friendly, as the indicator parameters are selected from the list using mouse;
- Does not recalculate on the zero bar, which saves the computing resources used by the trading terminal;
- It is not redrawn in the history and does not redraw the history of its values;
- It has only one value per bar for either an uptrend or downtrend, which simplified both visual perception and the use of this indicator's values in custom indicators and experts.
The list of indicator parameters
- TimeFrame - The higher timeframe for taking the indicator values, chart timeframe by default. Cannot be lower than the timeframe of the chart the indicator is running on. In case the timeframe is erroneously set to lower than the current, indicator uses the current timeframe in its operation;
- Period_N1 - Period in indicator calculation bars. Suitable values are 20-100 depending on the selected timeframe, the default value is 50;
- Period N2 - Period in bars for measuring the average trading range. Suitable values are 5-20, the default value is 5;
- TotalBars - The number of bars for the indicator to calculate its values. By default, the indicator considers all bars available on the chart.
The screenshots provide an example of attaching an indicator with the default parameters to a 5 minute chart of the GBPUSD pair for the current M5 timeframe and the higher M15 timeframe.
Using the Supertrend indicator requires the history data of the traded symbol to be present for the corresponding timeframes. In case you are not certain if the history data is available for the traded symbol, the broker's history data can be downloaded in the terminal using the PageDown key (or any other way known to you) sequentially from the smallest timeframe of the traded symbol to the highest timeframe.
Some options of the indicator application:
- One Supertrend indicator on the current chart:
- The price is located above the indicator line, an uptrend, make a buy entry according to your trading rules, for example, rebound from the indicator line.
- The price is located below the indicator line, a downtrend, make a sell entry according to your trading rules, for example, rebound from the indicator line.
- The indicator line of the current timeframe is located above the indicator line of the higher timeframe, an uptrend, make a buy entry according to your trading rules, for example, rebound from the zone of the indicator lines.
- The indicator line of the current timeframe is located below the indicator line of the higher timeframe, a downtrend, make a sell entry according to your trading rules, for example, rebound from the zone of the indicator lines.