Master Supertrend Strategy [Trendoscope] by Trendoscope
By Trendoscope
Performance Metrics
- Author: Trendoscope
- Symbol: NASDAQ:AAPL
- Timeframe: 1 day
- Net P&L: +682.81 USD (+68.28%)
- Win Rate: 32.1%
- Profit Factor: 2.237
- Max Drawdown: 228.55 USD (21.55%)
- Total Trades: 56
- Sharpe Ratio: −0.034
Description
Here is the strategy version of the indicator - Master SupertrendOptions and variations are same throughout.🎲 VariationsFollowing variations are provided in the form of settings.🎯 Range TypeInstead of ATR, different types of ranges can be used for stop calculation. Here is the complete list used in the script.Plus/Minus Range* - Calculates plus range and minus range for each candle and uses them for different sides of stop calculationLadder ATR - Based on the existing concept of Ladder ATR defined in Supertrend-Ladder-ATRTrue Range - True range derived from standard function ta.trStandard Deviation - Standard deviation of close prices🎯 Applied CalculationIn standard ATR, rma of TR is used for calculations. But, the application calculation provides option to users to use different mechanisms. It can be a type of moving average or few other types of calculations.Available values aresmaemahmarmawmahighmedian🎯 Other optionsFew other options provided areUse Close Price - If selected stops are calculated based on the close price instead of high/low pricesWait for Close If selected, change of supertrend direction is calculated based on close price instead of high/low pricesDiminishing Stop Distance - When selected, stop distance for the trend direction can only reduce and cannot increase. This option is useful for keeping the tight stops on strong trends.🎯 Plus Minus Range*One of the range type used is Plus/Minus Range. What it means and how are these ranges calculated? Let's have a look.Plus Range is an upward movement of a candle from its last price or open price whichever is lower.Minus Range is a downward movement of a candle from its last price or open price whichever is higher.This divides True Range into two separate range for positive and negative side.Note: Effectiveness on daily charts are quire visible. However, if you want to use it for lower timeframes, please play around with settings before settling on suitable configuration.