[Guidelines] Supertrend+++ indicator

Introduction

Supertrend indicator is a trading indicator that is used in technical analysis. It’s widely used by millions of traders in many markets. It’s used to calculate and determine market trend in a period.

Market trend is the way the price of asset is moving. We always see  price goes up and down. However, when removing noise price info, the market has a trend. Using market supertrend indicator, we can determine that market trend and the time market trend is reverted to enter a trade.

A basic Supertrend indicator doesn’t allow traders using a flexible data source to calculate the trend. New traders with less experiences can’t determine the right signals when the market trend is changed and calculate points to Entry – Stop loss – Take profit for a trade effectively and quickly. Some experienced traders also don’t have enough time to monitor the market. And those are reasons we developed Supertrend+++ indicator with more advanced features.

Add Supertrend+++ into chart

1. Open the chart and choose the timeframe you would like to trade
2. Click. “Indicators” (In the top tool bar)
3. Select “Invite-only scripts” category
4. Select [SAFE] Supertrend+++ to add this indicator into chart
5. Open Settings panel by clicking the gear icon to change indicator’s settings

Supertrend+++ settings

• Source: Data source for calculation. “close” is the common option. However, you can use any data source you prefer.
• ATR Length: The length parameter for ATR calculation. Common set up is 10 or 20
• Multiplier: Multiplier factor. Large number is more stability but less sensitive. Common set up is 2 or 3
• Show Buy/Sell Signals: Check/Uncheck to turn on/off Buy – Sell signals
• Highlight Changing Candle: Check/Uncheck to turn on/off candle highlighting when the trend changes by filling the candle with yellow
• Fill The Cloud: Check/Uncheck to fill the trend clouds with colors or not.

Trade Suggestion

• Show Trade Suggestion: Check/Uncheck to turn on/off trade suggestion based on Buy – Sell signal
• Risk Tolerance: Pick the risk tolerance for your trade suggestion: Low means Stop loss and Take profit in a low risk; Medium means SL & TP in a typical risk; High means SL as same as Medium but using 2 TP levels.

Fire Alerts

Note: These settings are suitable for experienced traders who would like to set up Trade Suggestion automatically (for groups or channels). This feature need to be used together with Alerts feature by TradingView. Less experienced traders should use Alert Conditions in below section.

• Buy Signals: Select to fire alert with detailed trade suggestion (Entry price, Stop loss price and Take profit price in the message) when having a Buy signal.
• Sell Signals: Select to fire alert with detailed trade suggestion (Entry price, Stop loss price and Take profit price in the message) when having a Sell signal.

Next to Fire Alerts settings, there is a box to choose alert frequency:

• Everytime: In the same candle, it may have more than 1 time the price matches Buy – Sell condition. This option will fire alert every time the Buy – Sell signal appears. So you may get more than 1 alert with the same message in 1 candle.
• Once Per Bar: Fire alert right away but just once per bar (The first time when Buy – Sell signal appears).
• When Bar Close: Fire alert when the bar closes and the Buy – Sell signal appears in this bar.

Use Supertrend+++ in trading

Supertrend/Supertrend+++ indicator is suitable for trend following traders who use trend changing position as trade condition.

In Supertrend+++ indicator, the Buy signal will appears when market trend changes from downtrend to uptrend. This is the time you should consider to buy asset; The Sell signal will appear when market trend changes from uptrend to downtrend. This is the time you should consider to sell you asset or place a Short order (If you are in a future market).

• Buy signal is a green label with “Buy” text below the candle
• Sell signal is a red label with “Sell” text above the candle

These Buy – Sell label appears right on the candle where the Buy – Sell signal appears. Whenever there is a Buy or Sell signal, the indicator uses its algorithm to calculate Entry point, Stop loss point and Take profit point(s), then show these points with additional info on the chart:

• “Entry” label in blue with the number means suggested Entry price
• “SL” label in red with the number means suggested Stop loss price
• “TP” label in green with the number means suggested Take Profit price. Depend on the Risk Tolerance setting, you may see 1 or 2 stop loss points.
• The red area between the Entry price and Stop loss price means Losing area. It has numbers to show your lost in absolute number and percentage number.
• The green area between the Entry price and Take profit price means Winning area. It has numbers to show your earn in absolute number and percentage number.

If you absolutely trust this indicator, you can follow all trade signals to buy and sell with detailed trade suggestion. However, we suggest you using these Buy – Sell signals as the main trading condition and double check them with other market.

Supertrend+++ alert conditions

• Buy Signal: When there is a Buy signal
• Sell Signal: When there is a Sell signal
• Buy/Sell Signal: When there is a Buy or Sell signal
• Any alert() function call: This is an advanced alert condition that you need to combine with Alert Settings described above to fire alert with detailed trade suggestion in the message.