π² Variations Following variations are provided in the form of settings.
π― Range Type Instead of ATR, different types of ranges can be used for stop calculation. Here is the complete list used in the script.
Plus/Minus Range* - Calculates plus range and minus range for each candle and uses them for different sides of stop calculation Ladder ATR - Based on the existing concept of Ladder ATR defined in Supertrend-Ladder-ATR True Range - True range derived from standard function ta.tr Standard Deviation - Standard deviation of close prices
π― Applied Calculation In standard ATR, rma of TR is used for calculations. But, the application calculation provides option to users to use different mechanisms. It can be a type of moving average or few other types of calculations.
Available values are
sma
ema
hma
rma
wma
high
median
π― Other options Few other options provided are Use Close Price - If selected stops are calculated based on the close price instead of high/low prices Wait for Close If selected, change of supertrend direction is calculated based on close price instead of high/low prices Diminishing Stop Distance - When selected, stop distance for the trend direction can only reduce and cannot increase. This option is useful for keeping the tight stops on strong trends.
π― Plus Minus Range* One of the range type used is Plus/Minus Range. What it means and how are these ranges calculated? Let's have a look.
Plus Range is an upward movement of a candle from its last price or open price whichever is lower. Minus Range is a downward movement of a candle from its last price or open price whichever is higher.
This divides True Range into two separate range for positive and negative side.
Note: Effectiveness on daily charts are quire visible. However, if you want to use it for lower timeframes, please play around with settings before settling on suitable configuration.
@KioseffTrading, thanks man. Just strategy version of the indicator ;)
Orph5781
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wonderful work, man! could you please include VIDYA among the availlable MA?
Orph5781
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by the way, do you think that future updates could include an optimization option? As far as I've seen, only @KioseffTrading has endeavoured in this adventure here in Tradingview, but it would be amazing.
UnrektCity2
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so i could link this to an ea in order to have the strategy on semi or full automation? nice one
vfitrading
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@HeWhoMustNotBeNamed this is not loading on Gold chart for some reason. "This strategy did not generate any orders throughout the testing range" is the error. On multiple timeframes.
Trendoscope
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@vfitrading, increase the initial captial. Likely the captial isn't enough for gold.