This is a trend-following indicator which condenses two SuperTrend indicators -- one based on analysis over a shorter period of time (1.5, 7), and one based on analysis over a longer period of time (1.65, 100) -- into a single indicator which appears on your chart only when both the shorter- and longer-term analysis indicates a "SuperTrend" in the same direction.
Additionally, potential trade entry indicators are displayed in the form of up and down arrows when (by default) three of the following five indicators suggest that the market is trending in the same direction as both the shorter- and longer-term SuperTrend indicators:
EMA Crossover (8, 15)
Aroon Indicator (8)
Aroon Oscillator (8)
Directional Movement Index (DI +/-) (8)
Laguerre RSI (13)
You may update the parameters of any of the indicators to match your own preferences.
Additionally, you may also adjust the "Threshold" of indicators that must be in agreement with the SuperTrend to show a potential trade entry arrow. Bear in mind that if you set the Indicator Threshold too low, you will see more frequent trade entry arrows, many of which will not be profitable if taken. Similarly, set this value too high, and you will see fewer trade entry arrows that may not appear until after most of the "juice" in the trend has evaporated. Ideal values for the threshold seem to be between 2-4, depending on the symbol you are trading.
The following image shows all of the indicators referenced above on a 5-minute chart of the SPY during a single trading day:
And, here is the same period of time showing only the Trend-Following Combo indicator with default settings:
This indicator would not have been possible save for work contributed by the following:
Defined minimum and maximum values for the Indicator Threshold parameter.
Versionshinweise
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I've added a feature that enables the indicator, by default, to confirm the direction of the SuperTrend on a chart of a different timeframe before showing any potential trade entry arrows. This may be disabled by unchecking the Get trend confirmation from longer timeframe? box in the indicator settings. The Confirmation Timeframe (1 day by default) may also be adjusted in the indicator settings.
Versionshinweise
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Updated indicator thumbnail.
Versionshinweise
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Updated indicator thumbnail to reflect settings I use when trading equities and index ETFs intraday.
I cant seem to find where it repaints, I tried replaying the data and it seems to be fine? correct me if I'm wrong
smsarmani676
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Repaints ?
blackcat1402
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thanks for sharing this indicator! it could be better with range filter option
Mister_Sparkle
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Thank you for the meaningful work on this script!
KenJason
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Instead of combining just 2 Super Trend Analysis.
Can you combine 3 or MORE Super Trend Analysis to create a even More Accurate system?
Trying combining maybe even 5 or more. Or you will find, the More Super Trend Analysis that you Add, the more Accurate it is.
kncbtcvrt
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nice indicator...but it repaints....can you plz fix that
garriethkwong
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Hi there, thanks for the good work ! I found that the alert isn't working(not showing any alert even after I've set them), could anyone here help to fix that? Much appreciated!
Millberry
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You sure did a lot of work to develop this. Thank you so much