OPEN-SOURCE SCRIPT
[blackcat] L2 Barbara Star Supertrend Indicator
Level 2
Background
Barbara Star’s article on July 2023, “Stay On Track With The Supertrend Indicator”, I rewrote it as pine script for your information.
Function
A supertrend indicator is displayed either above or below the closing price to signal a buy or sell. The indicator changes color depending on whether you should buy or not. When the Supertrend indicator falls below the closing price, the indicator turns green, signaling one or more entry points to buy.
Author Barbara Star describes the Supertrend indicator and how it can be used as a means for traders to stay in sync with the larger trend. She explains how J. Welles Wilder's Average True Range (ATR) forms a basis for supertrend calculations. ATR does not measure price direction, but rather provides a measure of volatility over a period of time. The Supertrend indicator, on the other hand, provides a more comprehensive view of trend direction. In addition, the indicator provides price levels at which a trend reversal would occur.
Green color stands for up trend;
Red color stands for down trend.
Remarks
Feedbacks are appreciated.
Background
Barbara Star’s article on July 2023, “Stay On Track With The Supertrend Indicator”, I rewrote it as pine script for your information.
Function
A supertrend indicator is displayed either above or below the closing price to signal a buy or sell. The indicator changes color depending on whether you should buy or not. When the Supertrend indicator falls below the closing price, the indicator turns green, signaling one or more entry points to buy.
Author Barbara Star describes the Supertrend indicator and how it can be used as a means for traders to stay in sync with the larger trend. She explains how J. Welles Wilder's Average True Range (ATR) forms a basis for supertrend calculations. ATR does not measure price direction, but rather provides a measure of volatility over a period of time. The Supertrend indicator, on the other hand, provides a more comprehensive view of trend direction. In addition, the indicator provides price levels at which a trend reversal would occur.
Green color stands for up trend;
Red color stands for down trend.
Remarks
Feedbacks are appreciated.
Script de código abierto
Siguiendo fielmente el espíritu de TradingView, el autor de este script lo ha publicado en código abierto, permitiendo que otros traders puedan entenderlo y verificarlo. ¡Olé por el autor! Puede utilizarlo de forma gratuita, pero tenga en cuenta que la reutilización de este código en la publicación se rige por las Normas internas. Puede añadir este script a sus favoritos y usarlo en un gráfico.
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