This time coming up with an upgraded version of Supertrend indicator with sound and popup alerts. Here are instructions for those who follow Supertrend v2.0 to trade in a better manner. The installation steps are listed below
10 things you need to know about Supertrend
1)Supertrend is a carry forward strategy that 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 scenarios
4)Should works well with High Beta Stocks and High Volatile Stocks.
5)Supertrend has two input factors Multiplier and ATR. the default value is 3 and 10. Increasing the multiplier will increase the risk and decrease profits. (Tested across all the timeframes). And lower multiplier values will result in more trades which means more commissions and more slippages.to pay.
6)Always start your trade when the past trades in which you hadn’t participated shows the worst. Don’t start once you have seen the best best part of profits in the 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.
7)Winning ratio is more or less between 40-45% across all the smaller timeframes. (doesn’t includes brokerages and slippages). However, most of the time higher time frame involves high risk in trading supertrend indicators.
8)Pinescript strategy supports Alerts whenever there is a buy or sell signal in place.
9)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 the most profitable signals.
10)Risk responsibly as supertrend doesn’t predict anything but just captures the trend when it is there and does risk management when there is no trend is there.
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.