SuperTrend with Spike Detector on MT5 is a versatile trend-following system that offers two distinct approaches: spike hunting using the Renko spike bar in MT5 or the traditional method based on the prevailing trend. This strategy allows traders to enter positions that align with the primary trend, making it suitable for different trading styles.
Strategy Type: Price Action and Trend Following
Trading Style: Day Trading and Scalping
Time Frame: 1 minute or higher
Applicable Instruments: Major and minor currency pairs, as well as indices
Indicators for Metatrader 5
Spike Detector
Supertrends (10, 3)
4 Exponential Moving Averages (EMA) on candles with a 25-period setting
Candle Time
Fischer (10)
Stochastic Oscillator (8, 3, 3)
RSI (13) and RSI (3) in the same window
Moving Min-Max (5)
Trading Rules
Buy
Receive an alert indicating a possible spike appearance.
Observe Fischer for confirmation.
Stochastic starts to cross upwards.
RSI approaches the 30 level.
The Min-Max indicator displays a blue bar, indicating the significance of the trend.
Heiken Ashi smoothed (blue) confirms the main trend.
Pay attention to the Arrow Min-Max, as it provides information about potential changes in the main trend.
Sell
Receive an alert indicating a possible spike appearance.
Observe Fischer (red bar) for agreement.
Stochastic starts to cross downwards.
RSI approaches the 70 level.
The Min-Max indicator displays a red bar, indicating the significance of the trend.
Heiken Ashi smoothed (red) confirms the main trend.
Keep an eye on the Min-Max Arrow for potential changes in the main trend.
SuperTrend with Min-Max Trading
Buy
Look for a Min-Max indicator displaying an aqua bar.
Receive a Supertrend buy signal.
Sell
Look for a Min-Max indicator displaying a red bar.
Receive a Supertrend sell signal.
Exit Position
Place the initial stop loss below/above the Supertrend line.
Close the position when you receive the opposite signal or when the price reaches a significant support or resistance level.
Notes for Experts
For traders operating on time frames of 15 minutes or higher, consider using the spike indicator to enter a trend when the candle retraces near the SuperTrend line. To confirm your entry, use the stochastic indicator with the settings (5, 3, 3, close). This approach can provide additional insight into the market's movements.
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