Today we are talking about the fantastical SuperTrend Multi Time Frame Indicator for TradeStation platform.
Many traders love the SuperTrend indicator because it works well in trending markets.
SuperTrend is a good indicator but it can provide false signals, especially when the market is in a ranging condition.
This is our article about the standard SuperTrend Indicator: SUPERTREND INDICATOR
To try to minimize many false signals, what do you think about taking into consideration the SuperTrend in different time frames?
Generally, we like to use indicators with many parameters or many time frames. When you are trading, averaging is almost always a winning choice.
Today we “averaging” the SuperTrend indicator using it in three time frames to find an intraday setup.
The time frames that we use is 15 minutes, 60 minutes and daily.
If you don’t like plotting indicators in the chart, you can use our SuperTrend Histogram Indicator that you can find in this post.
Using three charts is a troublesome solution, then we created an indicator to use SuperTrend Multi Time Frame with only one chart.
Firstly we transferred the indicators in a single chart, using the histogram visualization mode.
We finally grouped the signals in one indicator.
Substantially, when the three SuperTrend are long, our indicator became green; vice-versa it became red when they are short.
When there is no common direction, the indicator stays flat and became black.
Have a question? Write us!
To learn how to build an indicator for Tradestation or Multicharts, start here.
You can learn more about this indicator, reading these resources: