OPEN-SOURCE SCRIPT
SuperTrend+
Updated
Based upon popular SuperTrend (AKA: ATR Trailing Stop) indicator with the following differences and improvements:
Details:
If the confirmation closing bars value is greater than zero (default of two bars), the trend will only reverse if the price closes outside the boundary for that number of bars (does not need to be consecutive) or if the opposite side of the bar exceeds the boundary.
The confirmation bar count will reset if the trend has resumed (opposite boundary is broken).
Confirmation examples:
- Defaults to using Volume-Adjusted WMA (VAWMA) for ATR. (Can still be configured to behave exactly like classic SuperTrend.)
- Can use SMA, EMA, WMA, VWMA, and VAWMA instead of just SMA.
- Confirmation close bars for avoiding false breaks.
Details:
If the confirmation closing bars value is greater than zero (default of two bars), the trend will only reverse if the price closes outside the boundary for that number of bars (does not need to be consecutive) or if the opposite side of the bar exceeds the boundary.
The confirmation bar count will reset if the trend has resumed (opposite boundary is broken).
Confirmation examples:
- In a down-trend, but the previous two bars close above the boundary.
- In a down-trend, but the low of the previous bar exceeds the boundary.
- In a down-trend, but the high of the previous bar exceeds the boundary when confirmation bars are set to zero.
Release Notes
Updated chart.Release Notes
Updated chart.Release Notes
Improved thumbnail.Release Notes
Allow for non-volume levels to be registered for VAWMA. Ensures charts with no volume still display what should be the same as WMA.Release Notes
Added ability to use maximum deviation to clean the true-range values. Existing behavior is unchanged.A maxDeviation value of 0 (the default) produces an unfiltered ATR. Anything other than zero will filter out the ATR outliers.
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.
Disclaimer
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