The Super Trend indicator is a fairly well known trend-following indicator plotted on prices. It works well in a trending market in addition to other indicators, but might give false signals when the market moves sideways. It can be used for entry, confirmation, exit and trailing stop. It is shown in the chart below as the yellow (long) and magenta (short) lines. Entry/exit is when the color changes from one to the other. The entries and exits lag behind some of my other indicators, so I prefer to use this as a trailing stop. However, it could be used for entry/exit on very short time frames like the 1 minute chart.
The indicator I use the PZ Super Trend which can send email alerts and mobile phone notifications and also has a multi time frame dashboard. The cost is $30 and you can find out more about it and download it from the MetaTrader Marketplace https://www.mql5.com/en/market/product/35644#description. When downloading from the Marketplace, make sure you are downloading the correct version for your trading platform – either MetaTrader 4 or MetaTrader 5. You can also visit the Point Zero website for more information and other indicators and expert advisors – https://www.pointzero-trading.com. You can also purchase from the Point Zero website (which I prefer). They often will give discounts on their products. I recommend you get on their mailing list as they have a lot of good indicators and experts.
You can update the colors and line style and width in the settings on the “Colors” tab. To update, from the MetaTrader menu, choose Charts > Indicators List. Then select PZ_SuperTrend, click the “Edit” button, then click on the “Colors” tab and update.
I also hide the dashboard as I use a different indicator to analyze multi time frames. to do this, on the Inputs tab, change “Display the dashboard” to “false”.
You can update whether email alerts or mobile phone notifications (push alerts) are sent on the “Inputs” tab. I prefer email alerts (refer to my website MetaTrader > MetaTrader Email Alerts for how to setup. I then have the MetaTrader emails automatically sent from my email to my mobile phone.
To setup email alerts update the setting below to “true”. You also also have a pop-up alert display appear on your screen. For MetaTrader notifications make “Send Push Alerts” “true”. For the “Custom Alert Name”, I remove what is there as I like the way the message is delivered without needing to customize it.
The indicator sometimes does not paint more recent bars or looks wacky (particularly on the 1 minute chart). To correct this, from the MetaTrader menu, choose Charts > Indicators List. Then select PZ_SuperTrend, click the “Edit” button, then click the “OK” button and then click the “Close” button to close the window. This will redraw the lines.
There is also a PZ Super Trend expert advisor for $30. Find out more and download it from here: https://www.mql5.com/en/market/product/35315#!tab=tab_p_overview.