Plotting Weekly Supertrend on a Daily Chart

Summary

This indicator calculates a weekly Supertrend and displays its value on a daily chart. It reconstructs weekly highs, lows, and closes from daily bars, then uses a true-range-based average and a multiplier to form upper and lower trailing bands. A trend state determines which band is returned as the weekly Supertrend. The suggested settings are a period of ten and a multiplier of three, though the parameters can be changed.

The approach lets a daily-chart user view a slower, weekly trend reference alongside daily prices. The source provides implementation logic but no examples of signals, market-specific testing, or performance results. Its output depends on correct week-boundary handling and sufficient historical bars for initialization; the displayed weekly value is therefore an indicator calculation, not a guarantee of timely or profitable entries. The document does not specify a complete trading system, including entry execution, position sizing, or risk controls.

Key ideas

• The script derives weekly price ranges from daily bars and plots a weekly Supertrend on the daily chart.
• It uses a true-range average, multiplier, and trailing upper and lower bands.
• The suggested parameters are a period of ten and a multiplier of three.
• The source supplies calculation logic but no backtest or full trading rules.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.