⭐ Overview and How It Works: This script combines multiple popular technical indicators—Supertrend, HalfTrend, Ichimoku Cloud, and Parabolic SAR—into a single, cohesive tool for analyzing price trends and reversals. Designed for traders who prefer multi-layered confirmation, it displays non-overlay signals in a candlestick format, helping users make sense of intricate market dynamics. It also includes a "Master Candle" condition, which aggregates the signals from all indicators, providing a powerful snapshot of market sentiment. References for study, Supertrend and HalfTrend and Ichimoku Cloud and Parabolic SAR
⭐ Key Features and Functionality: The script integrates four indicators and visually represents them in a non-overlay fashion, meaning that each indicator's signal appears on separate candlestick layers. It uses color coding to differentiate between bullish and bearish signals. The Master Candle is a unique feature that aggregates the signals from all indicators to show the overall sentiment.
Supertrend: It uses ATR and a multiplier factor to create a trailing stop, identifying bullish and bearish trends.
HalfTrend: It analyzes market volatility that provides buy and sell signals based on volatility channels and historical highs and lows.
Ichimoku Cloud: It leverages historical highs and lows to form the conversion and baseline, which are compared to assess market strength.
Parabolic SAR: A stop-and-reverse system that highlights potential reversals. It is based on time and price, offering traders potential reversal points.
Master Candle: It computes a score based on the confluence of all four indicators, adding another layer of confirmation.
🎨 Visualizations and User Experience: The script's user interface is highly visual, with color-coded candlesticks plotted across multiple layers. Each indicator has its own color coding for bullish and bearish signals, ensuring clarity:
➤ Green for bullish signals. ➤ Red for bearish signals. ➤ Each candlestick layer represents a different indicator (e.g., Supertrend, HalfTrend, etc.), making it easy for the trader to isolate and interpret signals. ➤ The "Master Candle" provides an overarching view of the market by displaying a consolidated signal, which can reduce confusion from mixed indicator signals.
⭐ Settings and Customization: The script is highly customizable, allowing users to adjust the settings for each indicator. Key customizable parameters include:
• Supertrend ATR Period and Factor • HalfTrend Amplitude and Channel Deviation • Ichimoku Conversion, Base, and Lagging Span Periods • Parabolic SAR Start, Increment, and Maximum value
Additionally, users can toggle the visibility of each indicator and customize the look of the plot to suit their preferences.
⭐ Uniqueness of the Concept: No repaints. This is the advanced representation and the combination of multiple indicators into a single script, along with a powerful "Master Candle" that aggregates them, makes this tool unique. Most scripts provide isolated indicator signals, while this one brings together four powerful indicators and visually simplifies the analysis. The non-overlay style and color-coded candlesticks offer traders an easy-to-understand, actionable visual cue, which stands out from traditional indicator overlays.
🚀 Conclusion:
This script is a comprehensive, multi-indicator trading tool suitable for traders looking for reliable trend-following and reversal detection. Its ability to provide an aggregated "Master Candle" signal reduces noise and aids in better decision-making. Customization options allow users to tailor it to their trading style, while its clear visualizations provide an excellent user experience.
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