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SuperTrend Indicator – TradeStation & MultiCharts Download – 2021

Are you searching for SuperTrend Indicator for TradeStation and MultiCharts? Here you can download it free!

We developed the indicator in Easylanguage, and you can download it for free for TradeStation and MultiCharts at the end of this page.

If you were looking for a SuperTrend tutorial, we recommend that you read our very in-depth article:

The Supertrend Indicator (ST), developed by Olivier Seban, was born as a tool to optimize the exit from trade, which is a trailing stop.

ST could be the key to unlocking predictions about future trends for intraday traders or longer term. Today is one of the most used tools by traders.

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This article will also explain what it is, how it is used, and how to calculate it. You can also download SuperTrend free versions for TradeStation, MultiCharts, MetaTrader.

What is SuperTrend Indicator?

The ST Indicator ST belongs to the category of follower trend indicators. These types of indicators signal the direction of the trend and highlight the continuation or changes of direction.

As a trend following indicator, super trend works well in a trending market (Parabolic Sar, Moving Averages, MACD, Etc.).

For the most part, the primary lesson of these indicators is don’t open a position contrary to the trend.

And very similar in his conception to Wilder’s Parabolic SAR. However, the Supertrend has the merit of positioning itself horizontally, in a sort of stand by, in moments of price laterality, avoiding getting us out of position before time.

We must always remember that all trend-follower indicators have a common flaw: they warn of the change of trend AFTER the change has taken place, not PRIMA.

They are all indicators that update with an inevitable delay; they are not anticipators of the trend.

Let’s see the two indicators in comparison: the SuperTrend is represented with the solid line, while the Parabolic SAR with the classic green dots (up) and red dots (down).

SuperTrend TradeStation and Parabolic Sar Indicator

It is immediately noticeable that the continuous color change of the Parabolic SAR gives rise to many more false signals than the SuperTrend

However, the ST has two enormous merits:

1) It is straightforward to use because identifying the trend takes into account the average volatility of the asset.

2) It can be used with any timeframe and all financial instruments (shares, indexes, forex).

Others do not do so and, therefore, often force them to leave the market too early.

On the other hand, the SuperTrend filters many false signals, allowing us to keep the position open for longer and increase the average profit.

1 - supertrend indicator for multicharts and tradestation

A trend follower strategy to be successful must remain on the market as long as possible.

The longer you stay on the market, the more trends you can take advantage of.

Simultaneously, it also needs to come out quickly if the trade is going the wrong way.

How do you use the ST Indicator?

From a graphical perspective, the Super Trend appears as a red or green line that accompanies price trends.

The SuperTrend buy signal and sell signal is about more than just identifying the trend. The technical indicator does not only turn green and turn red for entry signals.

The red line identifies periods characterized by a negative trend, while the green line indicates an uptrend market.

When the line is below the graph, the trend will be upward, and it will, therefore, be preferable to open long positions.

When the indicator line is above the graph, the trend will be downward, and it will, therefore, be preferable to open short positions;

There are three different ways you can use this indicator:

Trade Filter

The ST shows us the current trend; remember that we do not want to go against the primary uptrend or downtrend.

So if the underlying trend is upward, we will only make long trades; if downward, only short trades.

In this way, we filter several false “counter-trend” buy signal or sell signal. The reversal of a trend occurs when prices cross the indicator line positioned at a given level from one side to the other, this is a top or bottom, depending on whether it is above or below the price scale.

supertrend multicharts bearish trend
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Trailing Stop Calculation

The real promise of the SuperTrend is making a great trailing stop system using the power of the Average True Range ATR indicator. So you can use The ST to manage the exits from another trading strategy.

This indicator will keep us in the extended position until the indicator remains green or short until the indicator remains red.

We’ll get out as soon as the color changes.

SuperTrend Trading Strategy

We could use a Supertrend Trading Strategy to find a buy or sell signal.

We open a long position at the change of color from red to green (buy signal is generated).

Vice-Versa, we can open a short trade when green becomes red (sell signal is generated).

Positions will close the next time the indicator changes color.

Theoretically, we can always stay in the market – stop & reverse strategy – moving from long to short all the time.

supertrend indicator signal long & short for multicharts and tradestation

With this technique, there will be no shortage of false signals, especially in phases of prolonged laterality.

It will, therefore, be of fundamental importance to close the position in stop-loss if the market does not go in the desired direction.

We prefer to suggest that you do not use it alone but integrate it into your trading systems with the use of other tools.

Even if the ST is a very valid indicator, it is better to use it in combination with at least one other.

We can use it together with the CCI, Momentum, ADX, RSI.

Two SuperTrend Indicators – The Double Strategy

There is also the possibility to take advantage of ST not in combination with another technical indicator, but by combining two ST indicators.

We can then apply the same indicator to the graph but with two different settings, one fast and one slow.

In this case, when the fast curve crosses from bottom to top the slow curve, we have a long signal.

When the fast curve returns below the slow curve, it is time to close the operation. We practically expect both curves to have the same color.

double ST Indicator

Best Timeframe to use SuperTrend Indicator

At first, we said that the SuperTrend has the advantage of being able to be used in every timeframe.

In general, however, on intraday trading timeframes it loses its effectiveness, there is no single rule, it is advisable to make a few attempts on the financial instrument we intend to trade.

Although it should always be remembered that the real trend exists only on long time frames, so from the daily up. sometimes you may need to tune the indicator by looking for the best settings.

SuperTrend eurusd weekly chart

SuperTrend Indicator MultiTimeFrame

Always to limit false signals, we have built a SuperTrend Multi Time Frame indicator.

You can find the article and indicator to download for free at this link.

supertrend multitimeframe

How is the ST Indicator calculated?

The ST is calculated based on a coefficient that is applied to the average volatility of the period considered.

The Super Trend indicator is calculated using the Average True Range (ATR).

The Average True Range is an indicator that calculates the average range of the last X seats and measures volatility.

Once volatility is identified, the Super Trend is calculated by applying to the latter a volatility multiplier and a coefficient relative to the observation period over which volatility is calculated.

It must always be borne in mind that the higher the weight of volatility, the wider the range of tolerance before a reversal of trend occurs.

The SuperTrend Indicator Formula:

Upper=(high+low)2+ (Multiplier∗ATR)

Lower=(high+low)2− (Multiplier∗ATR)

Easylanguage code example

This EasyLanguage code is just an example; you can still use it to create your TradeStation Indicator or MultiCharts Indicator. You can download the updated indicator at the bottom of the page, in the download section.

inputs: 
 Length(9), 
 Mult(1), 
 Strength(9);

 vars: 
 ATR(0), 
 avg(0), 
 dn(0), 
 up(0), 
 trend(1), 
 flag(0), 
 flagh(0), 
 ST(0),
 hl(0),
 color(0); 

 hl = Highest(High, Length) - Lowest(Low, Length);
 ATR = XAverage(hl, Length);
 avg = (XAverage(high, Strength) + XAverage(low, Strength))/2;
 up = avg + ATR; 
 dn = avg - ATR; 

 if c > up[1] and c > Highest(High, Strength)[1] then
 trend = 1
 else if c < dn[1] and c < Lowest(Low, Strength)[1] then
 trend = -1;

 if trend < 0 and trend[1] > 0 then flag=1 else flag=0; 
 if trend > 0 and trend[1] < 0 then flagh = 1 else flagh = 0; 
 if trend > 0 and dn < dn[1] then dn=dn[1]; if trend < 0 and up > up[1] then up=up[1];
 if flag = 1 then up = avg + ATR; 
 if flagh = 1 then dn = avg - ATR; 
 if trend = 1 then begin

 ST = dn;
 color = green; 
 end;
 if trend = -1 then begin

 ST = up;
 color = red; 
 end;
 Plot1(ST,"Up",color);

Conclusions

Is the ST Indicator a great indicator?

The ST is, indeed, a great indicator.

However, we always remember that when long sides are formed, the Supertrend generates many false signals, but it is still the biggest flaw of all the trending indicator.

Q&A

Can I use the ST for intraday trading?
It is certainly possible to use it, but we do not like it as a trading system because, in the market, the ongoing trend exists are on high timeframes. A correct ST trading strategy should be based on daily timeframes or higher.

Is it the best trending indicator?
For us, it is the best trending indicator. The Super Trend Indicator is the one that provides fewer false signals, compared to parabolic SAR, for example.

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