Description
Pro Super Trends is a trend following indicator. However, it is not much useful on single timeframe, as that gives many whipsaws.
Professionals analysis across multi timeframes before taking trades. This adds confluence to trade setups.For the same purpose, Pro SuperTrends shows trend (or absence of trend) on 3 timeframes.
Our trading odds improve, when positions are aligned with higher timeframes. Further, SuperTrends also act as Supports and Resistances. They add a lot of confluence to trading systems.
The indicator plots 3 SuperTrend lines.
SuperTrend 1: This plots for current timeframe.
SuperTrend 2 & 3: These 2 lines plot for higher timeframes.
SuperTrend 2: Here, we can chose either next higher timeframe or 2 timeframes higher.
E.g. Current timeframe: 1minute.
In Value field, by default, 1 timeframe higher. Thus, SuperTrend for 5 minute timeframe is shown. Here, if we select 2 timeframes higher…. SuperTrend for 15minute timeframe is shown.
SuperTrend 3: Here, we can chose either 2 or 3 timeframes higher.
E.g. Current timeframe: 15minute.
In Value field, by default, 2 timeframe higher. Thus, SuperTrend for Hourly timeframe is shown. Here, if we select 3 timeframes higher…. SuperTrend for 4 Hour timeframe is shown.
How to use the indicator?
– Support – resistance. These STs tend to act as Support- resistances, specially from higher timeframes. These can give us better Reward- risk for trade setups.
– Identifying market phases: Market is not trending all the time. There are times, it would be in uptrend/ downtrend, sometimes it would consolidate or just be choppy. When all STs are aligned in same direction, this gives insights into strength of the trend. When STs are mixed, market can be choppy.
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