We already saw in a previous article what is the Supertrend Line, how it works and some of its weaknesses. The Supertrend Multi Time Frame Indicator for MT4 aims to improve the Supertrend Line Indicator taking into consideration the trend in different Timeframes.
What is the Supertrend Multi Time Frame Indicator for MT4?
You should already know what is the supertrend line indicator for Metatrader.
However, if you don’t know, Supertrend is an indicator that shows you the main trend of a pair.
The trend takes into consideration volatility, in the form of ATR, and price.
One of the weaknesses of the Supertrend indicator is that it can provide false signals. This is especially true when the market is in a ranging condition.
To try to minimise false signals I created the Supertrend Multi Time Frame Indicator for Metatrader.
Supertrend Multi Time Frame is the combination of the Supertrend indicators in different Time Frames.
Thanks to this combination you can see in a single place the supertrend status in all the time frames.
Why Using Supertrend Multi Time Frame Indicator for Metatrader?
Checking the trend in only one chart can lead to a limited understanding of the overall trend.
For example if you check the supertrend of the EURUSD in the M30 chart this might be in uptrend.
However, once you check the supertrend of the same pair in the H4 chart this could be in a major downtrend.
Having visibility of the supertrend in several time frames can provide a “wider picture”. Meaning it can give you a better idea of the overall trend.
Supertrend Multi Time Frame can help you make better decisions
The trending conditions for each timeframe is clearly visualized in an easy-to-read table.
The Supertrend Multi Timeframe Indicator is very easy to use and read and it has only a few parameters to set. Some of the features are the following.
Selection of the Timeframes
In Supertrend Multi Timeframe you can select which timeframes to consider, you can enable and disable them to just see the ones of your interest.
Selection of the Sensitivity
You can set the multiplier for the Supertrend Line to make it more or less sensitive to the volatility of the price.
You can set options to be notified when a trending condition is met.
If you like trend following strategies then the Supertrend Multi Time Frame indicator for Metatrader can be really useful, you can try it for a month at a very cheap price and decide if integrating it in your strategies for good.