Non-Repainting Supertrend Indicator For MetaTrader4
The non-repainting supertrend indicator for MetaTrader4 is a technical indicator that employs the ATR values in computing the indicator values.
It is a non-repainting SuperTrend improved stable indicator that has some merits over the older version of the SuperTrend indicator.
The SuperTrend indicator is drawn over the activity chart of a currency pair or any other symbol. The color of the Non Repainting SuperTrend indicator changes between blue and red, depending on the underlying price movement.
Super Trend is unable to predict direction of price, instead once the direction is proven, the Super trend will offer traders the required compass to guide them as they enter position(s) and also offer clues on how long you’ll have to stay in the trend.
When adding the non-repainting supertrend indicator unto the chart, it appears like an alternating blue and red continuous line. A buy signal is issued when the price of the pair is greater than the value of indicator.
This is the point in which the color of the indicator’s continuous line turns blue, along with a noticeable crossover of price against the indicator (as it pushes above the indicator value). A trader is advised to hold on to their long position(s) until price closes below the blue line. This means that the blue line serves as a trailing stop for long entry.
A sell entry is generated when the price of the forex pair becomes lesser than the value of the indicator. At this point the color of the indicator turns red and price also crosses over versus the indicator i.e. price is lower than the indicator value.
The non-repainting supertrend indicator generates fewer signals when compared to regular Moving Average, as such it is a preferred choice.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (Nbr_Periods, Multiplier, sidFontSize, sidFontName, NoteRedGreenBlue, sidRed, sidGreen, sidBlue, sidXPos, sdYPos, tagDisplayText, tag Text, tagFontSize, tagFontName, tagRed, tagGreen, tagBlue, tagXPos, tagYPos), Colors, width & Style.
Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: support/resistance, pattern