OPEN-SOURCE SCRIPT
FDI-Adaptive Supertrend w/ Floating Levels [Loxx]
FDI-Adaptive Supertrend w/ Floating Levels [Loxx] is a Fractal Dimension Index adaptive Supertrend indicator. This allows Supertrend to better adaptive to volatility of the market. This also includes floating levels that act as support and resistance, stop loss or take profit, or indication of market reversal. Additional signal types will be added in the future based on these floating levels.
What is the Fractal Dimension Index?
The goal of the fractal dimension index is to determine whether the market is trending or in a trading range. It does not measure the direction of the trend. A value less than 1.5 indicates that the price series is persistent or that the market is trending. Lower values of the FDI indicate a stronger trend. A value greater than 1.5 indicates that the market is in a trading range and is acting in a more random fashion.
What is the Supertrend?
Supertrend indicator was created by Olivier Seban to work on different time frames. It works for futures , forex, and equities. It is used in 15 minutes, hourly, weekly, and daily charts . Based on the parameters of multiplier and period, the indicator normally uses 3 for multiplier and 7 for the ATR period as default values. Average True Range is represented by the number of days while the multiplier is the value by which the range is multiplied.
Included:
What is the Fractal Dimension Index?
The goal of the fractal dimension index is to determine whether the market is trending or in a trading range. It does not measure the direction of the trend. A value less than 1.5 indicates that the price series is persistent or that the market is trending. Lower values of the FDI indicate a stronger trend. A value greater than 1.5 indicates that the market is in a trading range and is acting in a more random fashion.
What is the Supertrend?
Supertrend indicator was created by Olivier Seban to work on different time frames. It works for futures , forex, and equities. It is used in 15 minutes, hourly, weekly, and daily charts . Based on the parameters of multiplier and period, the indicator normally uses 3 for multiplier and 7 for the ATR period as default values. Average True Range is represented by the number of days while the multiplier is the value by which the range is multiplied.
Included:
- Bar coloring
- Alerts
- Signals
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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