This time comingup with upgraded version of Supertrend indicator with sound and popup alerts. Here are instructions for those who follows Supertrend v2.0 to trade in a better manner. Installation steps are listed below.
10 things you need to know about Supertrend
1)Supertrend is a carry forward strategy which involves overnight gapup/gapdown risk and also weekend carry forward risk. It is not a pure intraday strategy.
2)Supertrend normally makes more profit when the volatility increases and makes lesser losses when the market shows compressed volatility.
3)Most of the profits are made in gap up and gap down openings compared to the losses made in gapup/gapdown
4)Should works good with High Beta Stocks and BankNifty
5)Supertrend has two input factors Multiplier and ATR. default value is 3 and 7. Increasing the multiplier will increase the risk and decrease the profits. (Tested across all the timeframes). And lower multiplier values will results in more number of trades which means more commissions and more slippages.to pay.
6)Always start your trade when the past trades which you hadnt participated shows the worst. Don’t start once you seen the best best part of profits in Supertrend indicator. As the winning ratio is 42% it is not advisable to start your trade once you see the best results of any indicator. Wait for three or more consecutive losses to occur on the charts to start your trade after consecutive losses and not after consecutive winning on the charts.
7)Winning ratio is more or less between 42-45% across all the timeframes. (doesn’t includes brokerages and slippages). However most of the times higher time frame involves high risk in trading supertrend indicator.
8)Now the strategy supports Sound and Popup Alerts whenever there is a buy or sell signal in place. Time bar left functionality has been removed as alerts and non repainting features overrides the Timebar left functionality.
9)Supertrend V2.0 Strategy work only with amibroker version 5.4 and higher.
10)It is advisable to trade one or two symbols at a time. Avoid jumping from one stock to another which could sometimes lead to consecutive losses and even missing most profitable signals.
How to Install the Supertrend Indicator
1)Download Download Supertrend AFL code with Sound and Popup Alerts
2)Unzip Supertrend V2 to local folder
3)Copy Non Supertrend AFL code ver2.afl code to c:program filesamibrokerformulasbasic folder
4)Copy popup.afl to to c:program filesamibrokerformulasInclude folder
5)Open Amibroker and Open a New Blank Chart
6)Goto Charts->Basic Charts and apply/drag-and-drop the Non Supertrend AFL code ver2.afl code into the blank chart
7)Bingo you are done. Now you will be able to see the Supertrend indicator with Buy and Sell signals.
For watching Supertrend live visit your NSE live trading signals section. Commodity lovers can watch MCX trading signals here.If you have more concerns and feedback about trading this indicator comment below to get clarified.