SuperTrend Indicator is one of the simplest and useful indicator for traders. This indicator can be used for Intraday and swing trading specially during trending market, and Indian market is always trending.
This indicator is developed based on two parameters, ATR and one multiplier. The formula for Supertrend calculation is as below.
Upperband = (high + low) / 2 + multiplier x ATR
LowerBand= (high + low) / 2 – multiplier x ATR
Benefits of Supertrend: To get the benefit of using Supertrend, trader need to plot Supertrend along with other trend confirmation indicator to avoid false signal and minimise loses during range bound market.
SuperTrend AFL: The below SuperTrend AFL has a function ‘FunctionST’ for single Supertrend, which can be planned or plotted for multiple SuperTrend by passing two different pair of values into the function ‘FunctionST’.
Suggestion: We suggest all developers and traders not to copy paste any Strategy for your trading, that’s why we try to avoid sharing any trading strategy, but want to share the AFL how to develop the strategy and plan your strategy based on combination of other indicators along with SuperTrend. No standalone strategy can fetch profit all the time, hence use and develop your strategy wisely for better winning.