OPEN-SOURCE SCRIPT
Updated HPH's SuperKeltner
This indicator combines the Supertrend (to determine the main trend direction) with two Keltner channels (used for add and take profit signals) to construct a trend trading system.
These are the available settings:
General
Visualization
Keltner
Supertrend
Alerts
Enjoy!
These are the available settings:
General
- UseTrendChange ➞ toggle trend change alerts and labels
- UseAdds ➞ toggle add to position alerts and labels
- UseTakeProfits ➞ toggle take profit alerts and labels
- PrematureAdds ➞ toggle adding to position as soon as the add channels are left (default is false, so the add signal will only fire once the channels are re-entered)
- PrematureTakeProfits ➞ toggle taking profit as soon as the tp channels are left (default is false, so the tp signal will only fire once the channels are re-entered)
Visualization
- Show Add Keltner ➞ toggle display of the channels used for adding to the position
- Show TP Keltner ➞ toggle display of the channels used for taking profit
- Show SuperTrend ➞ toggle display of the Supertrend
Keltner
Standard Keltner channels settings except for the fact that there are two different multipliers. The Keltner TP Multiplier should generally be bigger than the Keltner Add Multiplier, as the channels are hit differently in trending markets. I recommend you to use the visualization settings to show the channels and adjust the settings to your liking.
Supertrend
Standard Supertrend settings, nothing to add here.
Alerts
- Use the alert messages to customize what alert text the indicator will send. This makes it possible to use the script to automate trading bots.
- By default, the alerts are sent after the candle has closed. This ensures that no repainting is happening. If you like the risk, you can toggle the corresponding WaitFor[...]Confirmation if you wish to receive the signals earlier (max. once per bar).
Enjoy!
Release Notes
Updated the take profit colors to be less confusingRelease Notes
Added a video tutorial:https://youtu.be/sf-istJnpDs
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.