MarktQuants Supertrend

"MarktQuants Supertrend" is an indicator designed to help traders visualize market trends using a combination of moving averages and dynamic range calculations. It adapts to market conditions, providing insights into potential trend directions:

Trend Identification:
Utilizes a customizable moving average (MA Type) with options like SMA, EMA, SMMA, WMA, VWMA, TEMA, DEMA, LSMA, HMA, or ALMA to smooth price action.
Calculates a dynamic range based on the highest high over a specified period (Length), adjusted by multipliers (Multiplier Alpha and Multiplier Beta).


Signal Generation:
The indicator assesses price relative to both the moving average and the calculated range (Average Range or Lookback Alpha and Beta).
Scores are computed to determine if the price action suggests a long (bullish) or short (bearish) trend via crossover signals from these scores.


Visual Indicators:

• Candlesticks: The color changes based on the trend direction; greenish for long conditions and purplish for short conditions, enhancing visual trend recognition.
  
• Moving Average Line: Plotted in semi-transparent color matching the trend, with a bold line for clarity.
  
• Range Indicator: A line representing the average range, filled with semi-transparent color to show potential support or resistance levels.
  

Customization:

• Users can toggle between using the average range or specific lookback periods for trend signals via the Use Average Range option.
  
• Adjustable parameters for the moving average and range calculations allow for fine-tuning to various market instruments or trading styles.
  

Inputs:
Range Settings:

• Length: Defines the period for calculating the highest high.
  
• Lookback Alpha & Lookback Beta: Different lookback periods for range calculation.
  
• Multiplier Alpha & Multiplier Beta: Multipliers for adjusting the range.
  
• Use Average Range: Switch to use average or specific range for signals.
  
• Source: Pick the preferred source for the range calculations.
  

Moving Average Settings:

• Type: Choice of moving average type.
  
• Length: Length of the moving average.
  
• Source: The price source for the moving average calculation (default is close price).
  

Alert Options:

• MQ - Supertrend Long for Long trades (Buy) when the Long Condition is met.
  
• MQ - Supertrend Short for Short trades (Sell) when the Short Condition is met.
  

Note: This indicator is best used alongside other analysis tools to confirm trends and signals. Always consider the broader market context.