One of the most accurate trend following indicator I have used till now. You yourself can test it by using on multiple charts and time frame. However, I have found it more accurate on intraday charts, may be 5 min & 15 min TF.
Highlights are:
> High Prediction rates > Non repainting > Can be used on MTF > Simplicity > Give stoploss levels
Disadvantage:
> Just like any other trend following indicator, volatility and spikes are enemy of this indicator
How to Use
Long: When Price closes above the tunnel & background is Lime Stoploss: Just below lower line of the tunnel
Short: When price closes below the tunnel & background is yellow Stoploss: Just above upper line of the tunnel
No trades: When background doesn't have any colors
Reentry: if Price moves back to long and short rules
After using this script for nearly 2 months, I have made few improvements for accuracy. Please remember, this script only gives you entry and stoploss. For consistent winning, you need to trail your stops as per your comfort and adhere to a strict money management policy ( Profit booking, Targets etc)
The basic script remains same, but made it more visual and easier to understand:
1. Long Entry When white bars closes above the upper line of the super tunnel. Stop loss just below the lower line of the tunnel
2. Short Entry When orange bars close below the lower line of the super tunnel. Stop loss just above the upper line of the tunnel
Back Ground and Tunnel colors They are just to give an idea of ongoing trend. Normally long positions shall be more accurate when bachground is green and tunnel is blue and vice versa.
All suggestions are welcome.
Notes de version
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Super Tunnel is now only with basic functionalities. The color changes and bar color indicators are available in the pro version along with more enhanced features and add on.
I request everybody to not to ask for the script code via PM. This trading system was meant for my personal use and I am using this for quite a long time. Everyone one can use this free but not see the source code. Please understand my obligations. However, all feedbacks and suggestions are welcome. I would keep trying to improve it based on feedback. Thanks.
Guys I am not able to add the arrows correctly. The displayed arrows are correct, but a few more not displayed, example: when price just crossed the tunnel one bar ahead which was in no black zone but in the current bar closing background given a signal
OteRuo
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Thank you very much, how can I get the pro version of the indicator? regards