Master Supertrend Strategy [Trendoscope]

Here is the strategy version of the indicator - Master Supertrend

Options and variations are same throughout.

🎲 Variations
Following variations are provided in the form of settings.

🎯 Range Type
Instead of ATR, different types of ranges can be used for stop calculation. Here is the complete list used in the script.

Plus/Minus Range* - Calculates plus range and minus range for each candle and uses them for different sides of stop calculation
Ladder ATR - Based on the existing concept of Ladder ATR defined in Supertrend-Ladder-ATR
True Range - True range derived from standard function ta.tr
Standard Deviation - Standard deviation of close prices

🎯 Applied Calculation
In standard ATR, rma of TR is used for calculations. But, the application calculation provides option to users to use different mechanisms. It can be a type of moving average or few other types of calculations.

Available values are

• sma
  
• ema
  
• hma
  
• rma
  
• wma
  
• high
  
• median
  

🎯 Other options
Few other options provided are
Use Close Price - If selected stops are calculated based on the close price instead of high/low prices
Wait for Close If selected, change of supertrend direction is calculated based on close price instead of high/low prices
Diminishing Stop Distance - When selected, stop distance for the trend direction can only reduce and cannot increase. This option is useful for keeping the tight stops on strong trends.

🎯 Plus Minus Range*
One of the range type used is Plus/Minus Range. What it means and how are these ranges calculated? Let's have a look.

Plus Range is an upward movement of a candle from its last price or open price whichever is lower.
Minus Range is a downward movement of a candle from its last price or open price whichever is higher.

This divides True Range into two separate range for positive and negative side.

Note: Effectiveness on daily charts are quire visible. However, if you want to use it for lower timeframes, please play around with settings before settling on suitable configuration.