Technical Analysis of stocks on technical charts is the best way to analyse the next move of market, Supertrend and Parabolic SAR indicator works better.
Technical analysis of Stocks – Supertrend is the best indicator by which we can get BUY and SELL signal on the technical chart, you can follow this indicator for Intraday trading and Swing trading as well. Supertrend indicator works accurately with indicator Parabolic SAR, this is another type of indicator which tells the trend of stock price movement.
In the below Picture red and green lines around candlestick bars is the supertrend indicator, red line showing downtrend and a green line showing an uptrend .
The dotted line around candle bars is the Parabolic SAR (PSAR). it also shows Up and Downtrend of price movement, if the dotted line is being generated above candlestick bars then it means it is in a downtrend and when it being generating below candlestick bars then it means it is in the uptrend.
A green up arrow indicates that there is Buy call and red down arrow indicate Sell call, you can observe it along with the Parabolic SAR indicator for more accurate results.
To apply Supertrend and Parabolic SAR (PSAR) indicator – See below image to set this indicator in your technical chart.
You can adjust Period and Multiplier for more accuracy, i would suggest you that keep this default as it is until unless you do not have knowledge about it.
By the way to use supertrend its not important to know the calculation of it but you can have knowledge about it as below –
Up = (high + low / 2 + multiplier x ATR
Down = (high + low) / 2 – multiplier x ATR
ATR (Average true Range ) = [(Prior ATR x 13) + Current TR] / 14
14 indicates a period, hence, the ATR is derived by multiplying the previous ATR with 13. Add the latest TR and divide it by period. ATR plays an important role in the supertrend technical analysis indicator.
Set display as Heikin Ashi – See below image to set the display to Heikin Ashi
You can have any technical chart to apply this indicator, this indicator generates very accurately Buy/Sell signal.
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