OPEN-SOURCE SCRIPT
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.
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.
Script open-source
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script open-source
Dans l'esprit de TradingView, le créateur de ce script l'a rendu open-source, afin que les traders puissent examiner et vérifier sa fonctionnalité. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.