bennef

Super Trend Daily 2.0 BF 🚀

This is my Super Trend Daily strategy but with one important difference. You can now adjust settings for long or short signals individually and separately. For example, the condition for a long signal may require a different parameter setting than the condition for a short signal. Each parameter in the signal generation can be tuned. You can also decide what kind of stop loss you want for each side - you could have a fixed stop loss for longs and an ATR derived stop loss for shorts, or whatever.

We also have the option to choose if we want longs, shorts or both.

INISTRUCTIONS
Look at the background colors:
Green line = long signal
Red line = short signal
Aqua = No long trades
White = No short trades
Yellow dotted line = stop loss for long
Orange dotted line = stop loss for short

The aqua and white backgrounds mean the conditions are choppy/sideways according to our settings we applied to the rate of change function for a long/short signal respectively. It is possible to get a long signal in a white background, but not a short signal. Similarly, it is possible to get a short signal in an aqua background, but not a long signal.

This is a work in progress so any suggestions for improvements are welcome.
Oct 21
Notes de version: Added a fill to the plotting section to better visualise long and short positions. Changed stop loss lines to solid instead of dotted.
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How do I put this on my platform?
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bennef Malesela_Seshib
@Malesela_Seshib, You can add it to your charts in TradingView by Adding it to your favorites. Just click the button.
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Thanks for putting this together. It is a really great development of Supertrend! I like the approach to account for sideways movement. I might convert to a study for personal testing.
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Junglistt Junglistt
Stupid me - you've just released it yourself!! Thanks
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bennef Junglistt
@Junglistt, Hope you find it useful. Let me know if you can improve it.
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Thank you @bennef This is a great strategy. Is there a study version available for alerts?
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bennef renrok
Sure.
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your code is very clean but it would be helpful if you provided more notation to explain what different pieces of code are doing. could you add the theory for this strategy also please?
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Which platform is this script applicable to?
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Very nice work @bennef I will play with this strategy and let you know if I find any ways to improve upon it. Philosophically I agree with your approach, the best traders in the world figure out how to follow the trend and mitigate the swings when market is sideways.
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