Better than what? Well, just better than one indicator that was being used on some threads here on ff that was not very well written. There are probably others out there that are fine. There are also other 'supertrend' indicators that are based on different formulas.
Supertrend Formula Copyright
Unknown. Someone on the Internets.
Supertrend Formula:
UpperLevel=(High+Low)/2+Multiplier*Atr(Period);
LowerLevel=(High+Low)/2-Multiplier*Atr(Period);
Current Time-frame version
Supertrend Formula Copyright
Unknown. Someone on the Internets.Supertrend Formula:
UpperLevel=(High+Low)/2+Multiplier*Atr(Period);
LowerLevel=(High+Low)/2-Multiplier*Atr(Period);
Current Time-frame version
- Do not repaint closed bars.
- Normal MT4 indicator performance.
Ie. only redraws the bars MT4 indicates have changed. - Draws the indicator on the full chart history without a performance penalty.
Multi Time-frame version
- No external indicator required.
- You may need to refresh the indicator after MT4 starts up and downloads missing data as iCustom does not report such events.
- All bars on the chart associated with a higher time-frame bar that is open will continue to update with the current status of the higher time-frame supertrend until that bar closes. If you do not understand this, you should probably not be using the indicator.
Supertrend alerts:
- Requires that xSuperTrend.ex4 is installed inorder to work.
- Optional popup and email alerts.
- Option to alert on open bars or only when the current bars closes.
