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Is Supertrend a good indicator for intraday?
In Intraday trading, just plot 5 or 10-minute chart and initiate your position as per signal with strict Stop Loss. However, Supertrend is good enough for day trading and I suggest you use other technical indicators also along with Supertrend.
What indicator works best with Supertrend?
Like any other indicator, ‘Supertrend’ works best when used with other indicators such as MACD, Parabolic SAR, RSI, etc. “A ‘Supertrend’ also acts as a strong support or resistance and it also provides a trailing stop loss for the existing trade.
How accurate is SuperTrend?
Super Trend being a trending indicator works beautifully in trending markets (both uptrends and downtrends). There’s no technical indicator which can be 100\% accurate and so is Super Trend also. It also generates false signals in the sideways market, though it gives lesser false signals as compared to other indicators.
What is multiplier in Supertrend?
The multiplier refers to a value by which the ATR will get multiplied. The default value on Kite is 3, so whatever is the ATR value, it will get multiplied by 3. The multiplier is a crucial input for Super trend. If the multiplier value is too high, then a lesser number of signals are generated.
What time frame is best for candlestick patterns?
Most candlestick patterns form over 1-3 days, which makes them short-term patterns that are valid for 1-2 weeks. Hammers and shooting stars require just one day. Engulfing patterns, piercing patterns and dark cloud cover patterns require two days.
What are the best indicators for intraday trading?
However, the first indicator which comes to our mind for intraday trading is Supertrend indicator due to its simplicity. It can give you precise buy or sell signal in a trending market along with the best supertrend strategy for intraday.
How to use the supertrend indicator in trading?
For using this indicator, you need to open the chart of a particular stock that you want to track and set a time interval of 10 minutes when doing intraday trading. You can use any good charting software. After opening the chart insert supertrend and keep the settings as 10 and 3. You can also insert your own settings as well.
How do I use supertrend indicator in Zerodha?
You can use Zerodha Kite or any charting software like economic times stocks charts for Supertrend Indicator or anything you like. Insert the indicator as “Supertrend” and keep the default settings as Period 7 and Multiplier to 3. You can add your own settings also.
Where can I find the supertrend indicator in Excel?
By default, Excel does not come with a Supertrend Indicator, however, there are various macros available on the internet which allows for the indicator to be used on Microsoft Excel. On Zerodha Kite, the proprietary trading software from Zerodha; the Supertrend indicator can be found amongst a “Chart Study”.