Supertrend MetaTrader 5
- Indicators
- Vladimir Karputov
- Version: 1.11
- Updated: 5 March 2023
- Activations: 5
The 'Supertrend MetaTrader 5' indicator is the basis of the simplest trend trading system. And yet it remains very effective. The indicator works on any timeframe (on the timeframe of the current chart). From the name you can see that this indicator follows the trend, and when the trend changes, the indicator accurately shows the point of the trend change. The basis of 'Supertrend MetaTrader 5' is comparing price and 'Average True Range indicator' values multiplied by a multiplier (there is also an option to use 'Moving Average' calculated based on 'True Range' instead of 'ATR').
The indicator shows the best results in trending market areas and with parameters 10 and 3 ('ATR Period' is equal to 10 and 'ATR Multiplier' is equal to 3). On the D1 timeframe, it is recommended to use confirming indicators.
In the parameters, you can set the indicator type to 'ATR' or 'Moving Average' (the 'Change ATR Calculation Method ?' parameter is responsible for this), you can enable/disable the 'Buy' and 'Sell' signal arrows (the 'Show Buy/Sell Signals ? ') and you can enable/disable trend fill (parameter 'Highlighter On/Off ?').
Also, in the "Alerts" block, you can set up alerts about the appearance of signals (ATTENTION! the indicator is actively working on the current bar and therefore the signal on the current bar can either appear or disappear).
