A Super Trend based on the high and low of a Moving Average, to get an easy view what the current trend is and where to buy and sell.
TIPS - The 'Closing Source' option is the candle value that triggers the clouds. 'High/Low System' means that a downtrend is over when the candle LOW closes greater than the downtrend (dark cloud), an uptrend is over when the candle HIGH closes less than the uptrend (light cloud). The other options speak for themselves. - Ideally place your stop loss outside the cloud, as you want to stay in the trend until it breaks to the opposite direction (but that's up to you of course). - Reversal trades are low probability, you can see them as reversals or ranging before the market continues, I like to lower my risk on those set ups till it breaks the dominant trend.
Here are the scripts I used: Everget's SuperTrend LazyBear's VMA
Thanks LazyBear and Everget, I learn a lot from your scripts :)
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Update - Added option to view dominant trend only - Added signals to show the dominant trend
I think that's quite an underrated script, will do some intense testing and give a feedback. I've been looking for a long time for something like this I think. Thanks man
Thanks man