This SuperTrend indicator is to be used in the daily timeframe.

This script plots the weekly Supertrend (parameters to be defined) in the daily chart.

Parameters to calculate the supertrend: Multiplier and Period. Recommendend values: Multiplier = 3; Period = 10;

rem ********************* Weekly ST in daily timeframe  *******************

rem ***********************    Created by F. Sacristan   ******************

rem to be used in the daily timeframe

rem this script plots the weekly Supertrend (parameters to be defined) in the daily chart

rem Parameters to calculate the supertrend: Multiplier and Period. REcommendend values: Multiplier = 3; Period = 10

period=10
multiplier=3

WeekNo = dayofWeek

if barindex = 0 then
 WeekStart = 1
else
 if WeekNo < WeekNo[1] then
  WeekStart = 1
 else
  WeekStart = 0
 endif
endif


if WeekNo < WeekNo[1] then

 WClosePrev = close[1]
 WLow = low
 WHigh = high
 WLowPrev = WLow[1]
 WHighPrev = WHigh[1]

else

 WClosePrev = WClosePrev[1]
 if low > WLow[1] then
  WLow = WLow[1]
 else
  WLow = low
 endif
 if high > WHigh[1] then
  WHigh = High
 else
  WHigh = WHigh[1]
 endif
 WLowPrev = WLowPrev[1]
 WHighPrev = WHighPrev[1]
endif

WMid = 0.5*(WHighPrev + WLowPrev)

if barindex < Period then

 STUp = 0
 STDown = 0

else

 if WeekStart = 1 then
  TR1 = abs(WLowPrev - WClosePrev[1])
  TR2 = abs(WHighPrev - WClosePrev[1])
  TR3 = abs(WHighPrev - WLowPrev)
 else
  TR1 = TR1[1] 
  TR2 = TR2[1]
  TR3 = TR3[1]
 endif

 TR4 = max(TR1,TR2)
 TRX = max(TR3,TR4)

 if WeekStart = 1 then
  TRTrigger = TRX
  Counter = Counter[1]+1
 else
  TRTrigger = 0
  Counter = Counter[1]
 endif

 if Counter < Period then
  SumTR = TRTrigger + SumTR[1]
 else
  SumTR = 0
 endif

 ATRAverage = SumTR/Counter

 if Counter < Period then
  ATR = ATRAverage
 else
  if WeekStart = 1 then
   ATR = (ATR[1]*(Period-1)+TRTrigger)/Period
  else
   ATR = ATR[1]
  endif
 endif

 STUpBasic = WMid + Multiplier*ATR
 STDownBasic = WMid - Multiplier*ATR

 if WeekStart = 1 then

 if (STUpBasic < STUp[1]) or (WClosePrev[1]>STUp[1]) then
  STUp = STUpBasic
 else
  STUp = STUp[1]
 endif
else
 STUp = STUp[1]
endif

 if WeekStart = 1 then

  if (STDownBasic > STDown) or (WClosePrev[1]< STDown[1]) then
   STDown = STDownBasic
  else
   STDown = STDown[1]
  endif
   else
    STDown = STDown[1]
  endif
 endif
if barindex < Period then
 WeeklyST = STDown
endif

if barindex >= Period and WeekStart = 1 and WClosePrev[1] <= STDown[1] then

 WeeklyST = STUp[1]
 Trend = -1

elsif barindex >= Period and WeekStart =1 and WClosePrev[1] >= STUp[1] then

 WeeklyST = STDown[1]
 Trend = 1
elsif Trend = 1 then
 WeeklyST = STDown[1]
elsif Trend = -1 then
 WeeklyST = STUp[1]
endif
return WeeklyST as "Weekly ST"