1. Calculate moving average of High, Low, Open and Close and make candles of them. 2. Derive supertrend on the moving average candles. 3. Generate buy and sell signals based on supertrend direction combined with higher timeframe high-low condition
Versionsinformation
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Corrected inDateRange condition.
Refined entry and exit to avoid premature trade in tight conditions
thank you for the script. what time frame this works best?
Trendoscope
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@aruns76, I mainly work on daily timeframes. You can probably use on lower timeframe too but may have to experiment with ATR multiplier to derive optimal value.
aruns76
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@HeWhoMustNotBeNamed, Thank you for that prompt reply. So, in the current format with daily timeframe, it is mainly for swing trading with the trade lasting 7-30 days !?!
Trendoscope
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@aruns76, depends on the instrument. Feel free to test it and find setting suitable for your trades.
QuicoCunha
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It looks impressive. Will try it. Thank you for sharing.
madhavbbs
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Thank you for sharing, super indicator, you are creating very good ones sir
Its an excellent indicator for going long, Thx a lot for your effort. Do you have any other indicator where we can go short on any instrument as well.
Trendoscope
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@victoragriffiths1971, interesting. This is a trend following method - hence you may find it good for long trades over long term.
For short, you can check the harmonic and chart patterns. But, they are complex and not as straight forward as trend following methods
Maven_Trading
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Its clear and crisp to understand this is a great strategy. UNLUCKY ME, does not work on any INDIAN INDEX OR CHARTS, is it only for PAIR's. I am see the Indicator on the Graph but unable to Test the Strategy and see Results. AM i following some wrong steps , Please guide.