[VJ] Mega Supertrend for Intraday

This is a simple intraday strategy for working on Stocks or commodities based out on Super Trend and intraday's best friend - VWAP . You can modify the start time and end time based on your timezones. Session value should be from market start to the time you want to square-off

Important: The end time should be at least 2 minutes before the intraday square-off time set by your broker

Comment below if you get good returns

Strategy: Tweaked Super trend with VWAP
Indicators used :

Super trend is simple and easy to use indicator and gives a precise reading about an on going trend.It is built with two parameters, namely period and multiplier.The Buy and Sell signal modifies once the indicator tosses over the closing price. When the Super trend closes above the Price, a Buy signal is generated, and when the Super trend closes below the Price, a Sell signal is generated. In this case we use it only for direction .
Multiplier is a vital input for Super trend. If the multiplier value is too high, then lesser number of signals is made.

Volume is important as we don’t want to get stuck with a stock which has few takers, even if you think it is priced attractively. Thus, the VWAP was created to take into account both volume as well as Price so that the potential trader would make the trading decision or not.
In simple terms, the Volume Weighted Average price is the cumulative average price with respect to the volume

when the closing price starts moving up/down and farther from the VWAP , there is pressure among the traders to sell/buy, a general belief kicks in that it might be that the stock is overvalued/undervalued .This is the time when we couple the Super trend to take our entries

Usage & Best setting :
Choose a good volatile stock and a time frame - 5m.
ST multiplier : 3
There is stop loss and take profit that can be used to optimise your trade

The template also includes daily square off based on your time.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.


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