Data Trader » Supertrend strategy
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:
Shown below are the default settings for each indicator is as per the instructions in the video.
Ichimoku Cloud Settings
- All three Supertrends have the same colour (green)
- Candle close above the EMA
- Candle close above the Kumo Cloud (the cloud part of the Ichimoku Cloud indicator)
- All three Supertrends have the same colour (red)
- Candle close below the EMA
- Candle close below the Kumo Cloud (the cloud part of the Ichimoku Cloud indicator)
Take Profit / Stop Loss
- Use one of the built-in take profit / stop loss strategies (e.g. ATR based, % based, etc.)
- 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: