Data Trader » Supertrend strategy

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Overview

This is the scripted implementation of Data Trader's "BEST Supertrend Strategy for Daytrading Forex" trading strategy.

Link to the YouTube video where Data Trader introduces the strategy: https://www.youtube.com/watch?v=peCdKOcD8iM

The script can be used to backtest the strategy, and also to set alerts for automated trading purposes.

Indicators used in this strategy:

• Supertrend x 3
• EMA (Exponential Moving Average)
• Ichimoku Cloud

Settings

Shown below are the default settings for each indicator is as per the instructions in the video.

Supertrend Settings

EMA Settings

Ichimoku Cloud Settings

Long

Entry Criteria

1. All three Supertrends have the same colour (green)
2. Candle close above the EMA
3. Candle close above the Kumo Cloud (the cloud part of the Ichimoku Cloud indicator)

Short

Entry Criteria

1. All three Supertrends have the same colour (red)
2. Candle close below the EMA
3. Candle close below the Kumo Cloud (the cloud part of the Ichimoku Cloud indicator)

Take Profit / Stop Loss

1. Use one of the built-in take profit / stop loss strategies (e.g. ATR based, % based, etc.)
2. Close the position when the three Supertrend lines no longer have the same colour

The latter exit condition can be enabled by ticking this checkbox under the Position Exit Settings: