OPEN-SOURCE SCRIPT

Master Supertrend Strategy [Trendoscope]

Here is the strategy version of the indicator - Master Supertrend

Options and variations are same throughout.

🎲 Variations
Following variations are provided in the form of settings.

🎯 Range Type
Instead of ATR, different types of ranges can be used for stop calculation. Here is the complete list used in the script.

Plus/Minus Range* - Calculates plus range and minus range for each candle and uses them for different sides of stop calculation
Ladder ATR - Based on the existing concept of Ladder ATR defined in Supertrend-Ladder-ATR
True Range - True range derived from standard function ta.tr
Standard Deviation - Standard deviation of close prices

🎯 Applied Calculation
In standard ATR, rma of TR is used for calculations. But, the application calculation provides option to users to use different mechanisms. It can be a type of moving average or few other types of calculations.

Available values are

  • sma
  • ema
  • hma
  • rma
  • wma
  • high
  • median


🎯 Other options
Few other options provided are
Use Close Price - If selected stops are calculated based on the close price instead of high/low prices
Wait for Close If selected, change of supertrend direction is calculated based on close price instead of high/low prices
Diminishing Stop Distance - When selected, stop distance for the trend direction can only reduce and cannot increase. This option is useful for keeping the tight stops on strong trends.

🎯 Plus Minus Range*
One of the range type used is Plus/Minus Range. What it means and how are these ranges calculated? Let's have a look.

Plus Range is an upward movement of a candle from its last price or open price whichever is lower.
Minus Range is a downward movement of a candle from its last price or open price whichever is higher.

This divides True Range into two separate range for positive and negative side.

Note: Effectiveness on daily charts are quire visible. However, if you want to use it for lower timeframes, please play around with settings before settling on suitable configuration.
Average True Range (ATR)Bands and ChannelshewhomustnotbenamedladderatrplusminusrangeTrend Analysistrendoscope

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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