Author Message:
Power Root SuperTrend by AlgoAlpha, an advanced trading indicator that enhances the traditional SuperTrend by incorporating Root-Mean-Square (RMS) calculations for a more responsive and adaptive trend detection. This innovative tool is designed to help traders identify trend directions, potential take-profit levels, and optimize entry and exit points with greater accuracy, making it an excellent addition to your trading arsenal.
CODE:
CSS:
# // Indicator for TOS
#// © AlgoAlpha
#indicator("Power Root SuperTrend [AlgoAlpha]", "AlgoAlpha - Power Root", true, max_lines_count = 500)
# Conveted by Sam4Cok@Samer800 - 11/2024
input src = close;
input atrFactor = 4.5; # "Factor"
input atrLength = 12; # "ATR Length"
input RootMeanSquareLength = 3; # "Root-Mean-Square Length"
input rsiTakeProfitLength = 14; # "RSI Take-Profit Length"
def na = Double.NaN;
def last = IsNaN(close);
def mid = (open + close) / 2;
#// SuperTrend Function
script superTrendCalc {
input multiplier = 4.5;
input atrLength = 12;
input source = hl2;
def lowerLevel;
def upperLevel;
def atrValue1 = ATR(Length = atrLength);
def upper = source + multiplier * atrValue1;
def lower = source - multiplier * atrValue1;
def previousLowerLevel = CompoundValue(1, lowerLevel[1], 0);
def previousUpperLevel = CompoundValue(1, upperLevel[1], 0);
lowerLevel = if lower > previousLowerLevel or source[1] < previousLowerLevel then lower else previousLowerLevel;
upperLevel = if upper < previousUpperLevel or source[1] > previousUpperLevel then upper else previousUpperLevel;
def trendDirection;
def trendValue;
def previousTrend = CompoundValue(1, trendValue[1], 0);
if (!atrValue1[1]) {
trendDirection = 1;
} else if previousTrend == previousUpperLevel {
trendDirection = if source > upperLevel then -1 else 1;
} else {
trendDirection = if source < lowerLevel then 1 else -1;
}
trendValue = if trendDirection == -1 then lowerLevel else upperLevel;
plot st = trendValue;
plot dir = trendDirection;
}
def sumSrc = sum(Sqr(src), RootMeanSquareLength);
def rms = Sqrt(sumSrc / RootMeanSquareLength);
def superTrendValue = superTrendCalc(atrFactor, atrLength, rms). st;
def trendDirection = superTrendCalc(atrFactor, atrLength, rms).dir;
def dist = AbsValue(src - superTrendValue);
def cross = trendDirection Crosses 0;
def col1 = if trendDirection[-1] > 0 then -1 else 1;
def col = if isNaN(col1) then col[1] else if col1 then col1 else col[1];
def chg; # = 0.0
def tp1; # = 0.0
def tp2; # = 0.0
def tp3; # = 0.0
def tp4; # = 0.0
def tp5; # = 0.0
def tp6; # = 0.0
def tp7; # = 0.0
def printedtp2; # = 0
def printedtp3; # = 0
def printedtp4; # = 0
def printedtp5; # = 0
def printedtp6; # = 0
def printedtp7; # = 0
def printedtp22; # = 0
def printedtp33; # = 0
def printedtp44; # = 0
def printedtp55; # = 0
def printedtp66; # = 0
def printedtp77; # = 0
if cross {
printedtp2 = 0;
printedtp3 = 0;
printedtp4 = 0;
printedtp5 = 0;
printedtp6 = 0;
printedtp7 = 0;
chg = AbsValue(superTrendValue - superTrendValue[1]);
tp1 = superTrendValue[1] + (if trendDirection > 0 then -chg else chg);
tp2 = superTrendValue[1] + (if trendDirection > 0 then -chg * 2 else chg * 2);
tp3 = superTrendValue[1] + (if trendDirection > 0 then -chg * 3 else chg * 3);
tp4 = superTrendValue[1] + (if trendDirection > 0 then -chg * 4 else chg * 4);
tp5 = superTrendValue[1] + (if trendDirection > 0 then -chg * 5 else chg * 5);
tp6 = superTrendValue[1] + (if trendDirection > 0 then -chg * 6 else chg * 6);
tp7 = superTrendValue[1] + (if trendDirection > 0 then -chg * 7 else chg * 7);
} else {
printedtp2 = printedtp22[1];
printedtp3 = printedtp33[1];
printedtp4 = printedtp44[1];
printedtp5 = printedtp55[1];
printedtp6 = printedtp66[1];
printedtp7 = printedtp77[1];
chg = chg[1];
tp1 = tp1[1];
tp2 = tp2[1];
tp3 = tp3[1];
tp4 = tp4[1];
tp5 = tp5[1];
tp6 = tp6[1];
tp7 = tp7[1];
}
def nRSI = rsi(Price = dist, Length = rsiTakeProfitLength);
def tp = nRSI Crosses Below 60;
def extreme = if trendDirection > 0 then low else high;
def extreme_tp1_dist = AbsValue(extreme - tp1);
def extreme_tp2_dist = AbsValue(extreme - tp2);
def extreme_tp3_dist = AbsValue(extreme - tp3);
def extreme_tp4_dist = AbsValue(extreme - tp4);
def extreme_tp5_dist = AbsValue(extreme - tp5);
def extreme_tp6_dist = AbsValue(extreme - tp6);
def extreme_tp7_dist = AbsValue(extreme - tp7);
printedtp22 = if printedtp2 == 0 and extreme_tp2_dist < extreme_tp1_dist then 1 else printedtp2;
printedtp33 = if printedtp3 == 0 and extreme_tp3_dist < extreme_tp2_dist then 1 else printedtp3;
printedtp44 = if printedtp4 == 0 and extreme_tp4_dist < extreme_tp3_dist then 1 else printedtp4;
printedtp55 = if printedtp5 == 0 and extreme_tp5_dist < extreme_tp4_dist then 1 else printedtp5;
printedtp66 = if printedtp6 == 0 and extreme_tp6_dist < extreme_tp5_dist then 1 else printedtp6;
printedtp77 = if printedtp7 == 0 and extreme_tp7_dist < extreme_tp6_dist then 1 else printedtp7;
plot sTP = if tp and trendDirection > 0 then low else na; # "RSI-Based Shorts TP"
plot lTP = if tp and trendDirection < 0 then high else na; # "RSI-Based Longs TP"
sTP.SetPaintingStrategy(PaintingStrategy.BOOLEAN_WEDGE_DOWN);
lTP.SetPaintingStrategy(PaintingStrategy.BOOLEAN_WEDGE_UP);
sTP.SetDefaultColor(Color.MAGENTA);
lTP.SetDefaultColor(Color.CYAN);
#-- TP Lines
plot tpl1 = if !last and tp1[-1] then tp1[-1] else na;
plot tpl2= if !last and printedtp22[-1] then tp2[-1] else na;
plot tpl3= if !last and printedtp33[-1] then tp3[-1] else na;
plot tpl4= if !last and printedtp44[-1] then tp4[-1] else na;
plot tpl5= if !last and printedtp55[-1] then tp5[-1] else na;
plot tpl6= if !last and printedtp66[-1] then tp6[-1] else na;
plot tpl7= if !last and printedtp77[-1] then tp7[-1] else na;
plot stLine = if superTrendValue then superTrendValue else na;
AddCloud(stLine, mid, Color.DARK_RED, Color.DARK_GREEN);
stLine.AssignValueColor(if trendDirection > 0 then Color.DARK_RED else Color.DARK_GREEN);
tpl1.SetLineWeight(2);
tpl1.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
tpl2.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
tpl3.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
tpl4.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
tpl5.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
tpl6.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
tpl7.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
tpl1.AssignValueColor(if col>0 then Color.CYAN else Color.MAGENTA);
tpl2.AssignValueColor(if col>0 then Color.CYAN else Color.MAGENTA);
tpl3.AssignValueColor(if col>0 then Color.CYAN else Color.MAGENTA);
tpl4.AssignValueColor(if col>0 then Color.CYAN else Color.MAGENTA);
tpl5.AssignValueColor(if col>0 then Color.CYAN else Color.MAGENTA);
tpl6.AssignValueColor(if col>0 then Color.CYAN else Color.MAGENTA);
tpl7.AssignValueColor(if col>0 then Color.CYAN else Color.MAGENTA);
#-- END of CODE
