Table of Contents

1. Overview
2. Key Features
3. Installation Guide
4. Usage Guide
5. Parameters
6. Core Formula
7. GitHub Repository
8. License

Overview

The SuperTrend indicator is a powerful technical analysis tool for MetaTrader 5 that helps identify market trends based on Average True Range (ATR) volatility. Released under the MIT license, this free and open-source indicator provides traders with a reliable way to spot trend direction and potential reversal points.

Key Features

• Trend Identification: Clear visual signals for uptrends and downtrends
• ATR-Based Volatility: Dynamic adjustment to market conditions
• Customizable Parameters: Adjust sensitivity and calculation methods
• Multi-Timeframe Support: Works on any timeframe
• Open Source: Free to use and modify under MIT license
• Easy Integration: Simple installation process
• Visual Clarity: Color-coded signals for quick analysis

Installation Guide

1. Download the supertrend.mq5 file from our GitHub repository
2. Copy the file to your MetaTrader 5 indicators folder:
   • Typically located at Terminal_Directory\MQL5\Indicators\
3. Restart MetaTrader 5 or refresh the Navigator panel
4. Drag the indicator onto any chart

Usage Guide

Trend Following

• Buy Signal: When the SuperTrend line turns green and moves below price
• Sell Signal: When the SuperTrend line turns red and moves above price
• Exit Signal: When the line changes color, indicating a potential trend reversal

Trading Strategies

1. Trend Following:

   • Enter long when SuperTrend turns green
   • Exit when it turns red
   • Use as a trailing stop mechanism

2. Reversal Trading:

   • Look for color changes to identify potential reversals
   • Combine with other indicators for confirmation
   • Use on multiple timeframes for stronger signals

3. Risk Management:

   • Use the SuperTrend line as a dynamic stop-loss level
   • Adjust position size based on ATR volatility
   • Consider market conditions when setting parameters

Parameters

ATRPeriod

• Default: 22
• Description: Period for Average True Range calculation
• Usage: Higher values for smoother signals, lower for faster response

Multiplier

• Default: 3.0
• Description: ATR multiplier to adjust sensitivity
• Usage: Higher values for fewer signals, lower for more frequent signals

SourcePrice

• Options: PRICE_CLOSE, PRICE_MEDIAN, PRICE_TYPICAL
• Description: Price type used for calculations
• Usage: Choose based on your trading strategy and preference

TakeWicksIntoAccount

• Default: true
• Description: Whether to include price wicks in calculations
• Usage: Set to false for more conservative signals

Core Formula

The SuperTrend indicator uses the following calculations:

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Upper Band = Source Price + (Multiplier × ATR)
Lower Band = Source Price - (Multiplier × ATR)

In uptrend: SuperTrend = Lower Band (green)
In downtrend: SuperTrend = Upper Band (red)

GitHub Repository

The complete source code is available on GitHub:

• Repository: SuperTrend Indicator for MT5
• License: MIT
• Contributions: Pull requests and issues are welcome

License

This project is released under the MIT License, which means you are free to:

• Use the indicator for any purpose
• Modify the code to suit your needs
• Distribute your modified versions
• Use it commercially

Support

For support, bug reports, or feature requests:

1. Open an issue on the GitHub repository
2. Contact us through the contact form below
3. Join our community for discussions and updates

Upgrade to Pro Version

Looking for more advanced features? Check out our SuperTrend MultiTF version with:

• Multi-timeframe analysis
• Higher timeframe trend overlay
• Enhanced customization options
• Professional support
• Regular updates and improvements

Note: This indicator is provided for educational and informational purposes only. Trading involves risk, and past performance is not indicative of future results.