SuperTrend Trapping Candle Strategy by thehemantkaushik
By thehemantkaushik
Performance Metrics
- Author: thehemantkaushik
- Symbol: NSE:NIFTY1!
- Timeframe: 5 minutes
- Net P&L: +29,395.00 NONE (+2.94%)
- Win Rate: 37.4%
- Profit Factor: 1.072
- Max Drawdown: 67,972.50 NONE (6.35%)
- Total Trades: 187
- Sharpe Ratio: 0.249
Description
Hello traders!How this indicator works?The main functionality of this indicator is to find entry based upon SuperTrend indicator. This indicator helps us to find trapping candle to enter into the market.What is a trapping candle?A trapping candle is a candle that shows strength in opposite direction to SuperTrend. This helps us to enter in a trade before the move start in the current trend's direction. There are two types of trapping candles signals I have added currently:1. Volume is high than previous candle in the opposite direction.2. 3 candles of opposite direction with decreasing volume .How to enter in a trade in uptrend market?SuperTrend shows a green signalA green triangle formed below red candleEnter into the trade when price is above red candle highSL could be place below red candle or swing low if it is nearHow to enter in a trade in downtrend market?SuperTrend shows a red signalA red triangle formed above green candleEnter into the trade when price is below green candle lowSL could be place above green candle high or swing high if it is nearHow to avoid to enter in a trade in sideways market?You can follow price action strategiesOr you can follow some indicator to find sideways marketIndicator settings and how to change?ATR Length - For SuperTrend, this is default value.Factor - For SuperTrend, changed to 2 to provide fast signals.Candle Height - For trapping candle price, default set to 0.003% of the current price.