StockFetcher Forums · Filter Exchange · Simplified Supertrend Swingtrade<< >>Post Follow-up
xarlor
501 posts
msg #159138
Ignore xarlor
5/29/2022 5:50:27 PM

During the non-stop bull market of the past few years I would sometimes use Mobius' Supertrend indicator and scanner on ThinkOrSwim for entries and exits. As with all strategies, you have to adapt to changing market realities. I adapted the script for the current correction/bear scenario we are in.

I enter at the close and, this is very important, exit at the close of the next tick, full stop. It doesn't matter if the next tick is long or short, I exit. We are not in a trending environment and as such I'm not using this filter as a true Supertrend indicator. These are very quick trades, usually under a week

Fetcher[
/* Adapted from Mobius ToS Supertrend: https://usethinkscript.com/threads/supertrend-indicator-by-mobius-for-thinkorswim.7/ */
/* Enter at close. Exit on next tick, whether tick is long or short */
optionable
set{uptrend1,high + low}
set{uptrend2,uptrend1 / 2}
set{uptrend,uptrend2 + ATR(4)}
set{downtrend,uptrend2 - ATR(4)}

set{long,count(close > uptrend 1 day ago,1)}
set{short,count(close < downtrend 1 day ago,1)}

long > 0
short > -1

days(long 1 day ago equals 1,90) > days(short 1 day ago equals 1,90)
close > wma(150) for last 100 days

add column days(long 1 day ago equals 1,90)
add column days(short 1 day ago equals 1,90)

set{1up,uptrend 1 day ago}
set{1down,downtrend 1 day ago}

draw 1up on plot price
draw 1down on plot price
]



StockFetcher Forums · Filter Exchange · Simplified Supertrend Swingtrade<< >>Post Follow-up

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