This indicator is based on a combination of 2 different SuperTrend, a trend following indicator developed by Oliver Seban.
You can find some implementation in the following pages:
Double ST indicator combines 2 different SuperTrends to have the trend direction at a glance.
Simply insert the values for the 2 SuperTrends and you will see a ribbon with 3 different colors:
- red means that price is under both the SuperTrends (downward trend)
- yellow means that price is in between the SuperTrends (no clear trend)
- green means that price is over both the SuperTrends (upward trend)
Parameters (default value in parenthesis):
- Supertrend1 Period: period for SuperTrend #1 (10)
- Supertrend1 Multiplier: multiplier for SuperTrend #1 (1.7)
- Supertrend2 Period: period for SuperTrend #2 (50)
- Supertrend2 Multiplier: multiplier for SuperTrend #2 (3.5)
- Alarm Presence: alarm if last closed bar changes the indicator color (true)