Description: The SuperTrend indicator is build upon on two indicators – ATR and CCI. CCI (the standard parameter is 50) points the direction of trend movement, meanwhile ATR is used to determine the levels of indicator. If CCI is above 0, SuperTrend either rises or moves horizontally (depending on ATR). If CCI is negative, SuperTrend falls (depending on ATR also).
Opening of deals on the trend will always give the maximum profit and is most suitable for beginners, who do not have experience in trading in complex techniques, such as swing trading or counter-trend positions.
Formula
UpperLevel=(High[i]+Low[i])/2+Multiplier*Atr(Period);
LowerLevel=(High[i]+Low[i])/2-Multiplier*Atr(Period);
TrendCCI_Period = 50
Characteristics of SuperTrend Indicator
Platform: Metatrader4
Currency pairs: All pairs
Trading Time: Any ( recommended European and American sessions )
Time-frame: recommended H1 and higher
Rules for opening a long position:
SuperTrend is blue
The price is above the blue line: wait for the first descending correction and open buy position.
Rules for opening a short position:
SuperTrend is red
The price is below the red line: wait for the first ascending correction and open sell position.
The EXIT is possible in two ways:
Aggressive - when changing the color of the indicator to the opposite
Conservative - when the price crosses the indicator line
Stop Loss is set above/below the previous local minimum/maximum.
Of course, the accuracy of the signals will be higher with additional filters. As such a filter, you can apply MTF SuperTrend with a higher timeframe.
For example:
for M5, set MTF SuperTrend TimeFrame Value with a period of 30 (M30)
for M15, set MTF SuperTrend TimeFrame Value with a period of 60 (H1)
for H1, set MTF SuperTrend TimeFrame Value with a period of 240 (H4)
Please note:Buying this SuperTrend Indicator, you have a FULL ACCESS to the Code and Parameters.
