The High/Low supertrend uses an ATR produced from the highest and lowest points within the ATR lookback range, instead of from current highs and lows. This makes it less susceptible to false breakout attempts.
In the settings, you can choose whether you want the supertrend to calculate from the highest highs and lowest lows within the period, or the maxima of the opens and closes.
USAGE: I recommend using this supertrend as the arming mechanism to the buy or sell, instead of the trigger itself. This is because in ranging markets the supertrend will flip on the current high or current low.
In what way will this differ from the original supertrend indicator and can something be done to make this profitable by it's own by eliminating the buy signals in a ranging period or have the signals a bit earlier?
wbburgin
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@dpanday, The normal supertrend uses an atr produced from each candlestick. This indicator produces an atr from highs and lows. If you are thinking of creating a strategy off of it, one thing I would suggest is to use it in combination with a smaller, regular supertrend indicator (lower mult). When the High/Low supertrend produces a buy signal, use the regular supertrend as a trailing buy. The same for sell signals but in that case use the regular supertrend as a trailing sell. This can catch signals a bit earlier.