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SuperTrend Oscillator

Thanks to whomever's code or scraps of code were borrowed to make this (borrowed from LazyBear, blindfreddy, ChrisMoody and perhaps others).

Green/red is the SuperTrend trend.
The midline is the same except it flashes purple for extreme price moves and trend reversals.
Orange/blue is the current trend's slope so a strong uptrend slopes up and vis versa.

Can be used instead of an Average True Range indicator due to reacting quasi-identically to volatility with the added benefit of anticipating price spikes and having the appropriate technical guidance once these spikes have transpired.
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//Thank you to whomever's code or scraps of code was borrowed to make this (borrowed from LazyBear, blindfreddy, ChrisMoody and perhaps others)
//Green/red is the supertrend trend
//The midline is the same except it flashes purple for extreme price moves
//Orange/blue is the current trend's slope so a strong uptrend slopes and vis versa
study(title="SuperTrend Oscillator", overlay = false)
length = input(12, minval=1, title="SuperTrend Length")
lengthema = input(12, minval=1, title="EMA Length")
mult = input(3, type="float",minval=1)
sb=input(true, title="Use BB")
lengthbb = input(12, minval=1, title="BB Length")
m = input(2, minval=1, maxval=50, title="BB Multiplier")
ebc=input(false, title="Extreme Bars")
useCurrentRes = input(true, title="Use Current Chart Resolution?")
resCustom = input(title="Use Different Timeframe? Uncheck Box Above", type=resolution, defval="5")
res = useCurrentRes ? period : resCustom
avgTR = atr(length)
newshortband= hl2 + avgTR * mult
newlongband= hl2 - avgTR * mult
longband=close[1]>longband[1]? max(newlongband,longband[1]) : newlongband
shortband=close[1]<shortband[1]? min(newshortband,shortband[1]) : newshortband
trendres = close > shortband[1] ? 1: close< longband[1]? -1: nz(trendres[1],1)
trend = security(tickerid, res, trendres)
suptres = trend==1? longband: shortband
supt = security(tickerid, res, suptres)
sptres = (close - supt)
spt = security(tickerid, res, sptres)
sptemares = ema(spt, lengthema)
sptema = security(tickerid, res, sptemares)
basisres = sb?sma(spt, lengthbb):na
basis = security(tickerid, res, basisres)
devres = sb?m * stdev(spt, lengthbb):na
dev = security(tickerid, res, devres)
upper = sb ? (basis + dev) : na
lower = sb ? (basis - dev) : na
uptrendextreme = (spt>0) and (spt>upper)
downtrendextreme = (spt<0) and (spt<lower)
trendextreme = uptrendextreme or downtrendextreme
slope_spt_level_up1 = (spt) > (spt) [1]
slope_spt_level_down1 = (spt) < (spt) [1]
slope_spt_level_up2 = (spt) > (spt) [2]
slope_spt_level_down2 = (spt) < (spt) [2]
slope_spt_level_up3 = (spt) > (spt) [3]
slope_spt_level_down3 = (spt) < (spt) [3]
slope_spt_level_up4 = (spt) > (spt) [4]
slope_spt_level_down4 = (spt) < (spt) [4]
slope_spt_level_up5 = (spt) > (spt) [5]
slope_spt_level_down5 = (spt) < (spt) [5]
slope_spt_level_up6 = (spt) > (spt) [6]
slope_spt_level_down6 = (spt) < (spt) [6]
slope_spt_level_up7 = (spt) > (spt) [7]
slope_spt_level_down7 = (spt) < (spt) [7]
slope_spt_level_up8 = (spt) > (spt) [8]
slope_spt_level_down8 = (spt) < (spt) [8]
slope_spt_level_up9 = (spt) > (spt) [9]
slope_spt_level_down9 = (spt) < (spt) [9]
slope_spt_level_up10 = (spt) > (spt) [10]
slope_spt_level_down10 = (spt) < (spt) [10]
spt_color = slope_spt_level_down1?orange:slope_spt_level_up1?blue:slope_spt_level_down2?orange:slope_spt_level_up2?blue:slope_spt_level_down3?orange:slope_spt_level_up3?blue:slope_spt_level_down4?orange:slope_spt_level_up4?blue:slope_spt_level_down5?orange:slope_spt_level_up5?blue:slope_spt_level_down6?orange:slope_spt_level_up6?blue:slope_spt_level_down7?orange:slope_spt_level_up7?blue:slope_spt_level_down8?orange:slope_spt_level_up8?blue:slope_spt_level_down9?orange:slope_spt_level_up9?blue:slope_spt_level_down10?orange:slope_spt_level_up10?blue:white
histcolor = trend==1? green: red
midcolor = trendextreme?purple:trend==1? green: red
extremebarcolor = trendextreme?purple:na
plot(spt, color= histcolor , style=histogram, linewidth=4,title="Histogram")
plot(spt, color= spt_color , style=line, linewidth=3,title="SuperTrend")
plot(0, style=line, linewidth=3, color=midcolor)
barcolor(ebc?extremebarcolor:na)
now wht actually ur indicator saying...plz explain too....
Responder
Very nice - thanks for posting
Responder
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