SuperTrend Indicator is good to identify the trend of current market.
It uses Average True Range (ATR) and median price to calculate the upper and lower trend line.
It provides signals whenever the price breakout the current trend line.
With this Thinkorswim version of SuperTrend Indicator, you have the following adjustable parameters:
- Highlight color of bars, it makes easier to identify the current trend.
- length: used to calculate the Average True Range (ATR)
- multiplier: the Coefficient value to adjust the offset from the Mid Price
- median length: used to calculate the median price.
- nearby ratio: a unique feature which is only available in this version. It plots arrows as alert whenever the price nearby the trend line. It shows possible breakout or pullback with a given ratio.
- Alert: This is used to turn on/off the nearby ratio.
Since there already are many explaination and details about this indicator, we don't repeat it here.
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