ichiragshenoy

Dr.Om's SuperTrend Indicator

Riding along the Super Trend -

Super Trend Bullish candle (STBullCandle) is a candle where low is lower than supertrend and close is greater than super trend.

Conditions for going Long -
1. High of current candle should be higher than high of STBullCandle.
2. We can consider 1 or 2 candles after the STBullCandle for this condition.
3. If filterRsi is enabled, then we make an additional check of RSI being greater than the weighted moving average .
4. Should not be holding an existing long position
5. SuperTrend should be positive

Super Trend Bearish candle (STBearCandle) is a candle where high is higher than supertrend and close is lower than super trend.

Conditions for going Short -
1. Low of current candle should be lower than low of STBullCandle.
2. We can consider 1 or 2 candles after the STBearCandle for this condition.
3. If filterRsi is enabled, then we make an additional check of RSI being lower than the weighted moving average .
4. Should not be holding an existing short position
5. SuperTrend should be negative.

If holding long, EXIT LONG Position Criteria -
1. SL would be if close is lesser than the ST candle low
2. Direction of ST becomes Negative
3. If Reward to Risk ratio is given, then exit if target is achieved.

If holding short, EXIT SHORT Position Criteria -
1. SL would be if close is higher than the ST candle high
2. Direction of ST becomes +ve
3. If Reward to Risk ratio is given, then exit if target is achieved.
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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Comments

Very helpful sir
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ichiragshenoy patelniranjan1984
@patelniranjan1984, glad you like it :)
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