TradeStation and MultiCharts are excellent platforms, but they have not yet included many common indicators such as the SuperTrend.
You can download our free indicators at the end of the page.
SuperTrend is a trend-following indicator plotted on prices, it works well in trending markets.
Generally, traders use the Supertrend indicator for timing when to buy and sell based on changes in the trend indicator.
The Formula of SuperTrend is:
When the indicator value closes below the closing price for an instrument, you have a buy signal. You have a sell signal when the indicator closes above the closing price.
Unfortunately, the signal, like any other indicator of this type, arrives very late compared to the trend reversal. Remember that it does give false signals in sideways trends.
This indicator is very easy to use and gives you an accurate reading about the actual trend.
You can use in multiple charts desktop to spot the trend at a glance.
We use the Supertrend Indicator like a trailing stop, for the existing trade, in many trend follower strategies.
We like to use an indicator that reflects the volatility. SuperTrend is built using the Average True Range.
In this article we examine in detail the StopLoss in relation with the Average True Range
Usually, you could start to trailing stop with the Supertrend only after X dollars of profit or just after X days in positive.
Optionally, you can also use the indicator on the lower timeframe to speed up the trend inversion signal.
To try to minimize many false signals, what do you think about taking into consideration the SuperTrend in different time frames? Read our article about SuperTrend Multi Time Frame:
You also can use this indicator as a histogram:
If you want download this indicator, choose in the link your platform:
More resources about SuperTrend: