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OPEN-SOURCE SCRIPT

HPH's SuperKeltner

By HansPeterHeini
Updated
This indicator combines the Supertrend (to determine the main trend direction) with two Keltner channels (used for add and take profit signals) to construct a trend trading system.

These are the available settings:

General
  • UseTrendChange ➞ toggle trend change alerts and labels
  • UseAdds ➞ toggle add to position alerts and labels
  • UseTakeProfits ➞ toggle take profit alerts and labels
  • PrematureAdds ➞ toggle adding to position as soon as the add channels are left (default is false, so the add signal will only fire once the channels are re-entered)
  • PrematureTakeProfits ➞ toggle taking profit as soon as the tp channels are left (default is false, so the tp signal will only fire once the channels are re-entered)

Visualization
  • Show Add Keltner ➞ toggle display of the channels used for adding to the position
  • Show TP Keltner ➞ toggle display of the channels used for taking profit
  • Show SuperTrend ➞ toggle display of the Supertrend

Keltner

  • Standard Keltner channels settings except for the fact that there are two different multipliers. The Keltner TP Multiplier should generally be bigger than the Keltner Add Multiplier, as the channels are hit differently in trending markets. I recommend you to use the visualization settings to show the channels and adjust the settings to your liking.

Supertrend

  • Standard Supertrend settings, nothing to add here.

Alerts
  • Use the alert messages to customize what alert text the indicator will send. This makes it possible to use the script to automate trading bots.
  • By default, the alerts are sent after the candle has closed. This ensures that no repainting is happening. If you like the risk, you can toggle the corresponding WaitFor[...]Confirmation if you wish to receive the signals earlier (max. once per bar).


Enjoy!
Release Notes
Updated the take profit colors to be less confusing
Release Notes
Added a video tutorial:
https://youtu.be/sf-istJnpDs
Average True Range (ATR)hanspeterheiniKeltner Channels (KC)supertrendsystemtrend

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.

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Disclaimer

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