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Double SuperTrend Forex Trading Strategy

The Double SuperTrend forex trading strategy uses two SuperTrend indicators to generate buy and sell signals in trending markets. It looks for the SuperTrend.ex4 indicator to cross above or below the SuperTrend-signals.ex4 indicator to determine entry and exit points. Buy signals occur when the SuperTrend.ex4 crosses above, and sell signals occur when it crosses below. Positions are exited when the signals reverse. The strategy aims to offer simple visual cues for initiating trades that follow the overall trend.

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1K views4 pages

Double SuperTrend Forex Trading Strategy

The Double SuperTrend forex trading strategy uses two SuperTrend indicators to generate buy and sell signals in trending markets. It looks for the SuperTrend.ex4 indicator to cross above or below the SuperTrend-signals.ex4 indicator to determine entry and exit points. Buy signals occur when the SuperTrend.ex4 crosses above, and sell signals occur when it crosses below. Positions are exited when the signals reverse. The strategy aims to offer simple visual cues for initiating trades that follow the overall trend.

Uploaded by

paolo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Double SuperTrend Forex

Trading Strategy

The Double SuperTrend forex trading strategy is designed to offer one of the
simplest visual aids to initiating powerful buy/sell signals.

The strategy works best when the market is trending. Learn the buy and sell
rules below.

Chart Setup
MetaTrader4 Indicators: SuperTrend.ex4 (default setting), SuperTrend-
signals.ex4 (color modified: 0 = MediumBlue, 1 = Yellow)

Preferred Time Frame(s): 1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour, 4-


Hour, Day

Recommended Trading Sessions: Any

Currency Pairs: Any pair


Buy Trade Example

Fig. 1.0

Strategy
Long Entry Rules
Enter a buy in the market if the following indicator or chart pattern gets
displayed:

1. If the lime colored line of the SuperTrend.ex4 custom mt4 indicator cross the line
of the SuperTrend-signals.ex4 indicator bottom up with price trading somewhat
above the lines, price is said to be pressured higher i.e. a signal to buy the pair
of focus. The SuperTrend-signals.ex4 indicator defines the short term trend,
while the SuperTrend.ex4 indicator underscores the long term trend.
The SuperTrend-signals.ex4 indicator can offer us signal to short term buy
(medium blue) and sell (yellow) signals.

Stop Loss for Buy Entry: Place stop loss below immediate support.
Exit Strategy/Take Profit for Buy Entry
Exit or take profit if the following rules or conditions take precedence:

1. If during an existing buy signal the red colored line of the SuperTrend.ex4
custom mt4 indicator crosses the line of SuperTrend-signals.ex4 indicator top
downward as shown on Fig. 1.0, it is a signal to exit or take profit without delay.
It is most probable that during the intersection, the line of the SuperTrend-
signals.ex4 is painted yellow.

Sell Entry Rules


Enter a sell order if the following indicator or chart pattern gets displayed:

1. If the red painted line of the SuperTrend.ex4 custom mt4 indicator cross the line
of the SuperTrend-signals.ex4 indicator top downward with price trading
somewhat below the lines, the sentiment in the market is said to be bearish i.e. a
signal to sell the pair of interest. The SuperTrend-signals.ex4 indicator defines
the short term trend, while the SuperTrend.ex4 indicator underscores the long
term trend.
The SuperTrend-signals.ex4 indicator does depict intermittent price actions
during the wider trend (bearish), owing to the more dominant yellow painted line
of the SuperTrend-signals.ex4 indicator (refer to Fig. 1.1).

Stop Loss for Sell Entry: Place stop loss above immediate resistance.
Exit Strategy/Take Profit for Sell Entry
Exit or take profit if the following rules or conditions holds true in the market:

1. If during a prevailing bears market signal the lime colored line of the
SuperTrend.ex4 custom mt4 indicator crosses the line of SuperTrend-
signals.ex4 indicator bottom up as seen on Fig. 1.1, traders are advised to exit
or take profit at once.
It is most likely that during the intersection, the line of the SuperTrend-
signals.ex4 is painted medium blue.
Sell Trade Example

Fig. 1.1

About The Trading Indicators


The SuperTrend.ex4 is a non-repainting custom mt4 indicator that leverages on
the values of ATR when computing the indicator’s values.

SuperTrend-signals.ex4 custom mt4 indicator is a trend following indicator that


resembles the moving average.

It defines a bullish trend when its line is painted medium blue (buy signal) or
bearish when the line is painted yellow.

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