OPEN-SOURCE SCRIPT
Liquidity weighted Supertrend -E
**DISCLAIMER**
-ORIGINAL INDICATOR GOT DELETED SO THIS IS JUST A REUPLOAD OF THE SCRIPT.
I DON'T KNOW THE ORIGINAL CREATOR SO CAN'T TAG HIM EITHER.
The Liquidity Weighted Supertrend (LWST) is an advanced trend-following indicator that adjusts for market liquidity. It builds on the traditional Supertrend by incorporating liquidity metrics such as volume, order book depth, or bid-ask spreads to adapt its sensitivity based on market conditions.
Key Features:
Supertrend Line: The LWST generates a line that indicates the current market trend.
A green line signals a bullish trend.
A red line signals a bearish trend.
Liquidity Adjustment: Unlike the standard Supertrend, LWST dynamically adjusts its bands based on liquidity, becoming more responsive in liquid markets and more conservative in illiquid ones. This helps reduce false signals, particularly in volatile, low-liquidity environments.
Two Modes:
Aggressive Mode: Provides faster signals by using tighter bands, suitable for high-liquidity or fast-moving markets.
Smoothed Mode: Slower, more conservative signals, designed to avoid whipsaws in low-liquidity or choppy markets.
Advantages:
Liquidity Sensitivity: Adjusts its behavior based on the liquidity conditions, improving accuracy in different market environments.
Flexibility: The two modes allow traders to tailor the indicator based on market volatility and liquidity.
Use Case:
The LWST helps traders by filtering out market noise, providing clearer signals in both high and low-liquidity conditions. It's especially useful for trend traders in volatile or thinly traded markets.
-ORIGINAL INDICATOR GOT DELETED SO THIS IS JUST A REUPLOAD OF THE SCRIPT.
I DON'T KNOW THE ORIGINAL CREATOR SO CAN'T TAG HIM EITHER.
The Liquidity Weighted Supertrend (LWST) is an advanced trend-following indicator that adjusts for market liquidity. It builds on the traditional Supertrend by incorporating liquidity metrics such as volume, order book depth, or bid-ask spreads to adapt its sensitivity based on market conditions.
Key Features:
Supertrend Line: The LWST generates a line that indicates the current market trend.
A green line signals a bullish trend.
A red line signals a bearish trend.
Liquidity Adjustment: Unlike the standard Supertrend, LWST dynamically adjusts its bands based on liquidity, becoming more responsive in liquid markets and more conservative in illiquid ones. This helps reduce false signals, particularly in volatile, low-liquidity environments.
Two Modes:
Aggressive Mode: Provides faster signals by using tighter bands, suitable for high-liquidity or fast-moving markets.
Smoothed Mode: Slower, more conservative signals, designed to avoid whipsaws in low-liquidity or choppy markets.
Advantages:
Liquidity Sensitivity: Adjusts its behavior based on the liquidity conditions, improving accuracy in different market environments.
Flexibility: The two modes allow traders to tailor the indicator based on market volatility and liquidity.
Use Case:
The LWST helps traders by filtering out market noise, providing clearer signals in both high and low-liquidity conditions. It's especially useful for trend traders in volatile or thinly traded markets.
Skrip open-source
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