A Standard Supertrend indicator with Chop Suppression added to minimize bad entries when the market goes sideways. Chop Suppression will hide alerts/entry signals that otherwise would have been generated during sideway price action.
Recommend using this indicator with a secondary long-term trend indicator such as VWAP or 200 EMA . Trade with the long-term trend for higher success rates. You can use either traditional fixed stop loss and profit taking or adjust the stop loss with the rising Supertrend line and exit when color of Supertrend changes.
Good luck!
릴리즈 노트
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A Standard Supertrend indicator with Chop Suppression added to minimize bad entries when the market goes sideways. Chop Suppression will hide alerts/entry signals that otherwise would have been generated during sideway price action.
Recommend using this indicator with a secondary long-term trend indicator such as VWAP or 200 EMA . Trade with the long-term trend for higher success rates. You can use either traditional fixed stop loss and profit taking or adjust the stop loss with the rising Supertrend line and exit when color of Supertrend changes. If the actual Buy/Sell signal is suppressed, there will still be a diamond, but no alert or Buy/Sell sign.
Good luck!
릴리즈 노트
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To be clear, if the Chop Suppression filter activates during a signal, the Buy/Sell label will not appear and the alert will not fire off, but the diamond will paint and the color will change. That means there is chop present. You should not blindly follow the Buy/Sell indicator, but should look at macro trends (i.e. VWAP or 200 MA) and an additional momentum indicator (i.e. Stochastics or MACD) on multiple timeframes for more accurate entries.
The SuperTrend indicator alone just tells you the trend (change), and the Chop Filter just filters out signals when the market appears to be moving sideways at the point of an alert/change. To continue to get SuperTrend alerts when the Chop Filter activates, you can use the "SuperTrend Direction Change" alert as that will still work whenever the indicator paints the diamond.
@servelatin, I like to trade the 30 minute and 1 hour with it personally. Make sure you don't just blindly follow the indicator, follow the trend as well and use proper position/risk management too!
Hi, if the green dots appeared but there is no buy signal, does it mean the chop suppression formula is applied ?
LA_Crypto_Pirate
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@MasBart, Yes - thanks for pointing that out. I have added it to the description. Also, please remove and re-add the indicator as I also fixed an error in the code. Cheers!