SuperTrend for MT5
- Indicators
- Ulises Calderon Bautista
- Version: 1.2
- Updated: 9 September 2023
The popular "SuperTrend" indicator is a technical analysis tool that helps identify the direction of a trend and potential entry or exit points in financial markets. The indicator is based on the Average True Range (ATR), which measures market volatility based on price ranges. It's free on other platforms and there's no reason it shouldn't be here as well!
It's commonly used in three ways:
- To Identify the Current Trend: When the price is above this line, it's considered an uptrend, and when the price is below, it's considered a downtrend.
- Used as a Stop-Loss Level.
- As Dynamic Support/Resistance: In an uptrend, this line is found below the price and acts as a dynamic support level. In a downtrend, this line is found above the price and acts as a dynamic resistance level.
useful