There are many types of SuperTrend around. Recently I thought about a Supertrend based on 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 , 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 , 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 , I added support resistance lines by using , as an option the script can show S/R lines:
And also it can show Points:
When you changed Period you can see its reaction, in following example PP period is 4 (default value is 2). Smaller PP periods more sensitive .
Alerts added for Buy/Sell entries and Trend Reversals. (when you set alerts use the option "Once Per Bar Close")
Với tinh thần của TradingView, tác giả đã xuất bản tập lệnh theo mã nguồn mở, vì thế trader có thể dễ dàng hiểu và tùy chỉnh được. Bạn có thể sử dụng miễn phí, hoặc tùy chỉnh lại mã đã được cấp phép bởi Quy tắc Chung. Bạn có thể sử dụng nó trên biểu đồ.
Hi, great strategy and code. A simple question, can I plot these levels using a spreadsheet rather than relying on tradingview?
I am using this on the 15 and 30 second time frame and use HA candles.
People really need to publish based on strategy results.
That being said, this indicator looks great, but I'll have to test using a backtester
Thanks to the author for coding this