Supertrend indicator MTF
Supertrend is an indicator showing the current trend direction on the selected instrument.
There are two built-in indicators used to define the current trend and the user can define which one of them to use in the settings:
- Average True Range
- Standard Deviation
Period of the above indicators can be adjusted and should be lined up according to the traded instrument. It is possible to choose to which price (Close, High, Low, Open, Weighted) it is required to apply the price. By default the Typical price is selected.
The indicator displays the trend as a line. When the trend is up, the line is marked with green color and it is marked red when the trend is going downwards. The colors and the width of the line and fully customizable.
When the trend changes, the dot appears at the price and time when the trend curve changed its direction. Also, when the trend changes, it is possible to send alerts on PC in MetaTrader 4 terminal or to send mobile PUSH notification in the iOS or Android application.
Indicator is not repainting and calculates trend changes only when the last bar is closed. It is highly recommended to use this indicator on trending instruments to increase the signals probability.