SuperTrend or Super Trend used to be developed via Olivier Seban and in a while recoded by Jason Robinson, This indicator has the massive benefit of engaged on all time frames in all markets.
SuperTrend indicator is in line with average true range (ATR). On this picture below blue signifies a bullish trend and pink signifies a bearish trend. The Super Trend indicator parameters help you set the atr size and multiplier.
Super Trend indicator shifting above or below the price depending on the trend developed. Olivier Seban repositioned in keeping with the closing alue, which has the primary benefit to filter false alerts that can happen when the trend slows or right through markets without trend.
You can download and use the supertrend indicator formula for MT4 by clicking the button below. You need an account in Facebook to download this file.
And now you will instantly see nearly-perfect supertrend indicator formula for MT4 appear in the charts. The above image shows how the supertrend indicator formula for MT4 looks like.
Steps for installing the indicator in MT4:
1) Download/Copy/Save the SuperTrend.ex4 file into your DATA FOLDERS –> MQL4 –> INDICATORS folder .
2) Close your MetaTrader application (assuming it’s currently open, ignore this if the application is not open)
3) Launch your MetaTrader application
4) On the left hand side, look for the “Navigator” window
5) Then look into the “Custom Indicators” directory
6) Locate the indicator which you have just downloaded into the folder stated in Step 1
7) Drag (Click and drag) the indicator onto the chart. Voila, you can now see SuperTrend indicator on your charts.
For trading the SuperTrend Indicator we suggest you to open charts of different time frames. Daily, hourly, 15-minutes and 5-minutes. For day traders I suggest to trade on 5-minutes time frame chart, but keep an eye on the trend of higher time frame charts.
Indrajit is a professional blogger and trading system developer. Amibroker expert, Wordpress expert, SEO expert and stock market analyst.Trading since 2002, he has started the journey of StockManiacs.net on 2008. He follows Indian and world stock markets closely.