TTP SuperTrend ADX

This indicator uses the strength of the trend from ADX to decide how the SuperTrend (ST) should behave.

Motivation
ST is a great trend following indicator but it's not capable of adapting to the trend strength.
The ADX, Average Directional Index measures the strength of the trend and can be use to dynamically tweak the ST factor so that it's sensitivity can adapt to the trend strength.

Implementation
The indicator calculates a normalised value of the ADX based on the data available in the chart.
Based on these values ST will use different factors to increase or reduce the factor use by ST: expansion or compression.

ST expansion vs compression
Expanding the ST would mean that the stronger a trends get the ST factor will grow causing it to distance further from the price delaying the next ST trend flip.
Compressing the ST would mean that the stronger a trends get the ST factor will shrink causing it to get closer to the price speeding up the next ST trend flip.

Features
- Alerts for trend flip
- Alerts for trend status
- Backtestable stream
- SuperTrend color gets more intense with the strength of the trend

發行說明

v0.2

added option to select custom timeframe