Whale Supertrend (V1.0)

kemarin

The script "Whale Supertrend (V1.0)" is an advanced trend indicator that uses multiple Supertrends with different factors to determine entry and exit points in the market. The Supertrend is a popular indicator that combines price and volatility to help identify trend direction. The script displays buy and sell signals based on the confluence of Supertrends.
How the script works
Configuring Supertrends

The script configures six Supertrends with different factors (factor, factor1, factor2, factor3, factor4, factor5) while using the same ATR period (atrPeriod = 10).

Supertrend 1: factor = 3
Supertrend 2: factor1 = 4
Supertrend 3: factor2 = 6
Supertrend 4: factor3 = 9
Supertrend 5: factor4 = 13
Supertrend 6: factor5 = 18

For each Supertrend, the bullish (blue) and bearish (purple) trend conditions are plotted on the chart.
Signal Calculation

The script calculates the number of Supertrends in bullish and bearish trend:

bullishCount: Number of Supertrends indicating a bullish trend.
bearishCount: Number of Supertrends indicating a bearish trend.

Signal Detection

The script triggers a buy or sell signal when at least three of the six Supertrends indicate the same trend:

Buy Signal (buySignal): Triggers when bullishCount is greater than or equal to 3.

Sell Signal (sellSignal): Triggers when bearishCount is greater than or equal to 3.

To avoid repetition, signals are only displayed when the state changes:

triggerBuy: Buy signal only when buySignal becomes true for the first time.
triggerSell: Sell signal only when sellSignal becomes true for the first time.