Today we are talking about our SuperTrend Multi Time Frame Indicator for TradeStation and MultiCharts platforms.
Many traders love the SuperTrend indicator because it’s simple, and it works well in trending markets.
SuperTrend is a good indicator but it can provide many false signals, especially when the market is in a ranging condition.
Minimize false Signals
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 60 minutes, daily and weekly. we can control the actual trend for the intraday session, but with an eye on the long term trend.
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.
Three SuperTrend Indicators in a single chart
We finally grouped the signals in one indicator that is very simple to read.
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.
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