A SuperTrend like indicator based on highest and lowest candle close from a few bars back. It looks almost the same as Donchian Channels but with a dominant trend direction inside (Black line).
Uptrend: Candle closed higher than highest close Downtrend: Candle closed lower than lowest close
This works best on higher time frames since a daily close is more powerful than a 15 minute close.
A few examples how you could use this:
Use support & resistance
Apply a moving average
Buy and sell the break-out
All perfect world examples, this does not happen all the time off course.. Its just for the idea. There are many ways to trade this so feel free to share in the comments, good luck and follow the trend! :)
Hi , Can you make this HIGH / LOW BREAK STRATEGY, I mean Superrange generates only when HIGH / LOW of previous N candles is broken on closing basis. Like in trading 7 candles HIGH - LOW of the same once broken then NEW SUPER RANGE STARTS / ENDS.
BrianSr
⋅
I will of course test this out but could you use this Indicator on a 1H time frame or do you suggest 1D and above?
EvoCrypto
⋅
@BrianSr, You can use it on any time frame but the results will be the best on the 1D I think. Here is a simple strategy script that could help with testing.. It only buys and sells on the condition, no stop, target or risk management so don't take the actual profit results too serious on this one.
tradingview.com/script/HGtvRSEn-SuperRange-Strategy-evo/
jacky_choy3356
⋅
How to add alert when crossing up/down the price inside this indicator ?
EvoCrypto
⋅
@jacky_choy3356, Add this to the bottom of the script. let me know how it works out, didn't test it..
// ALERTS
alertcondition(ST != ST[1] and ST == 1, "Trend Up", "Trend Up {{ticker}}")
alertcondition(ST != ST[1] and ST == -1, "Trend Down", "Trend Down {{ticker}}")
alertcondition(ST != ST[1], "Trend Change", "Trend Changed {{ticker}}")