SuperTrendRange by DGT

dgtrd Wizard Actualizado   
SuperTrendRange study attempts to determine the state of the market
• whether a well-established bull/bear trend is present
• whether the market is trading in a range

SuperTrendRange (STR) takes into account the volatility of the market - further details regarding volatility can be found in the description of “Volatility Bands by DGT” study

Due to its similarities to SupertTrend (ST) and Parabolic SAR (SAR), I will try to explain by stating differences between them

SuperTrendRange uses both the ATR (Average True Range) and STDEV (Standard Deviation) as part of its calculations - unlike ST and SAR where they use only ATR

Sensitivity of the indicator is adjusted using the multiplier setting of both ATR and STDEV
Additionally, unlike ST, the source of the basis of SuperTrendRange can be selected among the assets price value or its moving average
Source and Length are adjustable too

The SuperTrendRange, like Parabolic SAR indicator, appears on a chart as a series of dots, either above, below or unlike Parabolic SAR both above and below of the asset's price

A dot placed
- below the price when the market is trending upward
- above the price when it is trending downward
- both above and below when the price starts moving sideways – this is a feature that both SuperTrend and Parabolic SAR misses, where they are known to produce false signals and losing trades, whereas SuperTrendRange emphasis the zones of the ranges occurring and in most cases are considered no trade recommended zones. Please note that the range width may vary depending on how the market is volatile. It is up to the users to trade if it fits their trading strategies
Dots plotted above and below can be assumed as Support and Resistance levels

Example usages – with trading opportunities

Gold Monthly Chart

Bitcoin Daily Chart

Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely
The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script
Notas de prensa:
major update : line view added as optional choice
readability increased with new option
changes in direction are made slightly visible with tiny lines
Notas de prensa:
minor update : alert added to notify when a well established trend is present

please note : for early alerts "Once Per Bar" can be set but be aware that this will be subject to repaint. for non-repaint version it is suggested to use "Once Per Bar Close"
Notas de prensa:
minor update:

* background highlight option added

* line view made default view, doted view remains as an option
Notas de prensa:
major update;

special thanks to @energetic_live who have enormously contributed while preparing this update

Here is the list of the major updates made to Super-Trend-Range,
usages are explained in the snapshots

• Price Divergence/Convergence (Price Distance to its MA) Add-On

• Screener Add-On : Based on Super-Trend-Range plus Price Divergence/Convergence

• ADX Colored Directional Movement Index Add-On

further details may be found under the educational post

• Volume Based Colored Bars by Kıvanç Özbilgiç

further details regarding volume may be found under the educational post
Notas de prensa:
performance fix :

special thanks to @allanster for his highly valuable suggestion to fix the perfermance issue and thanks to @zzzcrypto123 for his discovery of security function usage (when security function used with empty symbol than it may lead to preformance degradation)

minor update :

* ema line color is chaning automatically relative to ema50, ema100 and ema200
- maroon when below ema200
- orange when below ema100
- aqua when below ema50
- olive when above all

* dafualt values of p/ma theshold have been adjusted
Notas de prensa:
update : performance improvement

thank you @zzzcrypto123 for your valuable addition
Notas de prensa:
minor upgrade

screener label splitted into three parts as bullish, bearish and range label, thanks to newly added support for strings to arrays
Notas de prensa:
Performance Optimization,
Labels replaced with Tables,
Alerts Extended,
Pine Script v5 Update
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