OPEN-SOURCE SCRIPT
Supertrend + Tillson Version=6
1. Supertrend Settings and Calculations
ATR Period & Multiplier: Used to measure volatility (price fluctuation). By default, it is set to a 10-period ATR with a multiplier of 3.0.
Trend Tracking: Dynamically updates support (up) and resistance (dn) levels based on price movement.
Visuals:
Lines appear Green during an uptrend and Red during a downtrend.
"Buy" and "Sell" labels appear on the chart at trend reversal points.
Optionally, the area between the trend lines can be highlighted with a soft background color (highlighting).
2. Tillson T3 Settings and Calculations
T3 Moving Average: A specialized filter that provides smoother results with less lag compared to standard Exponential Moving Averages (EMAs).
Main T3 Line (T3 Main): Calculated by default with an 8-period length and a volume factor of 0.7. It turns Green when rising and Red when falling.
Fibo T3 Line (T3 Fibo): Includes a secondary T3 line based on Fibonacci ratios (Length: 5, Volume Factor: 0.618). It can be toggled on or off on the chart via T3FiboLine.
3. Alerts
Thanks to the alertcondition commands at the bottom of the code, you can set up automated price alerts on PulseWire whenever Supertrend generates a buy or sell signal.
Adding to PulseWire:
Open the Pine Editor tab on the PulseWire platform.
Paste this code, replacing any existing code.
Click the "Add to Chart" button.
Trading Strategy / Interpretation:
Trend Direction: When the Supertrend is in the green zone, the primary direction is up (bullish); in the red zone, it is down (bearish).
T3 Confirmation: Since the T3 line tracks price movements more closely, it can be used to confirm the strength of the trend.
Signals: A green "Buy" label can be evaluated for long positions (buying), while a red "Sell" label can be evaluated for short positions (selling/shorting).
ATR Period & Multiplier: Used to measure volatility (price fluctuation). By default, it is set to a 10-period ATR with a multiplier of 3.0.
Trend Tracking: Dynamically updates support (up) and resistance (dn) levels based on price movement.
Visuals:
Lines appear Green during an uptrend and Red during a downtrend.
"Buy" and "Sell" labels appear on the chart at trend reversal points.
Optionally, the area between the trend lines can be highlighted with a soft background color (highlighting).
2. Tillson T3 Settings and Calculations
T3 Moving Average: A specialized filter that provides smoother results with less lag compared to standard Exponential Moving Averages (EMAs).
Main T3 Line (T3 Main): Calculated by default with an 8-period length and a volume factor of 0.7. It turns Green when rising and Red when falling.
Fibo T3 Line (T3 Fibo): Includes a secondary T3 line based on Fibonacci ratios (Length: 5, Volume Factor: 0.618). It can be toggled on or off on the chart via T3FiboLine.
3. Alerts
Thanks to the alertcondition commands at the bottom of the code, you can set up automated price alerts on PulseWire whenever Supertrend generates a buy or sell signal.
Adding to PulseWire:
Open the Pine Editor tab on the PulseWire platform.
Paste this code, replacing any existing code.
Click the "Add to Chart" button.
Trading Strategy / Interpretation:
Trend Direction: When the Supertrend is in the green zone, the primary direction is up (bullish); in the red zone, it is down (bearish).
T3 Confirmation: Since the T3 line tracks price movements more closely, it can be used to confirm the strength of the trend.
Signals: A green "Buy" label can be evaluated for long positions (buying), while a red "Sell" label can be evaluated for short positions (selling/shorting).
Open-source script
In true PulseWire spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by PulseWire. Read more in the Terms of Use.
Open-source script
In true PulseWire spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by PulseWire. Read more in the Terms of Use.