LonesomeTheBlue

Pivot Point Supertrend

Hello All,

There are many types of SuperTrend around. Recently I thought about a Supertrend based on Pivot Points then I wrote "Pivot Point SuperTrend" script. It looks it has better performance on keeping you in the trend more.

The idea is behind this script is finding pivot point , calculating average of them and like in supertrend creating higher/lower bands by ATR. As you can see in the algorithm the script gives weigth to past pivot points , this is done for smoothing it a bit.


As I wrote above it may keep you in the trend more, lets see an example:

As an option the script can show main center line and I realized that when you are in a position, this line can be used as early exit points. (maybe half of the position size)

While using Pivot Points , I added support resistance lines by using Pivot Point , as an option the script can show S/R lines:

And also it can show Pivot Points:

When you changed Pivot Point Period you can see its reaction, in following example PP period is 4 (default value is 2). Smaller PP periods more sensitive trendlines .

Alerts added for Buy/Sell entries and Trend Reversals. (when you set alerts use the option "Once Per Bar Close")



ENJOY!
Информация о релизе: Coding improved
Added explanation
Информация о релизе: updated

Скрипт с открытым кодом

В истинном духе TradingView автор этого скрипта опубликовал его с открытым исходным кодом, чтобы трейдеры могли понять, как он работает, и проверить на практике. Вы можете воспользоваться им бесплатно, но повторное использование этого кода в публикации регулируется Правилами поведения. Вы можете добавить этот скрипт в избранное и использовать его на графике.

Хотите использовать этот скрипт на графике?