Supertrend Pending Gold
SuperTrend is one of the most common ATR based trailing stop indicators.
In this version you can change the ATR calculation method from the settings. Default method is RMA, when the alternative method is SMA.
The ea is easy to use and gives an accurate reading about an ongoing trend. It is constructed with two parameters, namely period and multiplier. The default values used while constructing a superindicator are 10 for average true range or trading period and three for its multiplier.
The average true range (ATR) plays an important role in 'Supertrend' as the indicator uses ATR to calculate its value. The ATR indicator signals the degree of price volatility.
The buy and sell signals are generated when the ea starts plotting either on top of the closing price or below the closing price. A buy pending order is generated when the ‘Supertrend’ closes above the price and a sell pending order is generated when it closes below the closing price.
2 input for the pending orders:
1. Distance : pip distance from current price to the pending order. If total order more than 1, will use as distance for each pending orders
2. Total order : total order that will be generated once the signal is triggered.
A ‘Supertrend’ ea can be used on equities, futures or forex, or even crypto markets and also on daily, weekly and hourly charts as well, but generally, it fails in a sideways-moving market.
