Let $\Gamma$ be a countable abelian semigroup and
$\mathcal{A}$ be a countable abelian group satisfying
a certain finiteness condition. Suppose that a group
$G$ acts on a $(\Gamma \times \mathcal{A})$-graded
Lie superalgebra
$\mathfrak{L} =\bigoplus_{(\alpha, a) \Gamma \times
\mathcal{A}} \mathfrak{L}_{(\alpha, a)}$
by Lie superalgebra automorphisms
preserving the $(\Gamma \times \mathcal{A})$-gradation.
In this paper, we show that the Euler--Poincar\'e
principle yields the generalized denominator identity
for $\mathfrak{L}$ and derive a closed form formula for
the supertraces
$\text{str}(g| \mathcal{L}_{(\alpha, a)})$ for all $g\in G$,
where $(\alpha, a) \in \Gamma \times \mathcal{A}$.
We discuss the applications of our supertrace formula to
various classes of infinite-dimensional Lie superalgebras
such as free Lie superalgebras and generalized Kac--Moody
superalgebras. In particular, we determine the decomposition
of free Lie superalgebras into a direct sum of irreducible
$\text{GL}(n) \times \text{GL}(k)$-modules, and the
supertraces of the Monstrous Lie superalgebras with
group actions.
Finally, we prove that the generalized characters of Verma
modules and irreducible highest-weight modules over a
generalized Kac--Moody superalgebra $\mathfrak{g}$
corresponding to the Dynkin diagram automorphism $\sigma$
are the same as the usual characters of Verma modules
and irreducible highest-weight modules over the orbit Lie
superalgebra
$\breve{\mathfrak{g}} = \mathfrak{g}(\sigma)$ determined
by $\sigma$. 1991 Mathematics Subject Classification:
17A70, 17B01, 17B65, 17B70, 11F22.