PROTECTED SOURCE SCRIPT
[blackcat] L3 SupertrendX MTF
Level: 3
Background
A supertrend is a trend-following indicator, similar to moving averages. It is plotted against price and the current trend can be determined simply by its placement against price. It is a very simple indicator and is constructed with only two parameters - period and multiplier.
Function
This is my private version of supertrend, so I named it supertrend X. My intention was improving the inherent lag issue of supertrend indicator. It may be improved under some scenarios and may be the same as TradingView official supertrend with the same set of parameters.
Remarks
I use different color to scoring trend strength with scores ranging from 0 to 100.
0 exhibits blue color
25 exhibits green color
50 exhibits yellow color
75 exhibits red color
100 exhibits fuchsia color
others exhibit gradient color
Feedbacks are appreciated.
Background
A supertrend is a trend-following indicator, similar to moving averages. It is plotted against price and the current trend can be determined simply by its placement against price. It is a very simple indicator and is constructed with only two parameters - period and multiplier.
Function
This is my private version of supertrend, so I named it supertrend X. My intention was improving the inherent lag issue of supertrend indicator. It may be improved under some scenarios and may be the same as TradingView official supertrend with the same set of parameters.
Remarks
I use different color to scoring trend strength with scores ranging from 0 to 100.
0 exhibits blue color
25 exhibits green color
50 exhibits yellow color
75 exhibits red color
100 exhibits fuchsia color
others exhibit gradient color
Feedbacks are appreciated.
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