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!
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Yorumlar

thanks for this indicator!
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Thanks for sharing
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Can I use this for intraday trading for 15 minutes chart for accuracy?
+23 Cevap Gönder
Hi, Thank you, Can I use the indicator for Indian Market?
+7 Cevap Gönder
The script doesn't show correct sell and buy points. I am not sure if I am doing something wrong.
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Whts the accuracy u found in this one ?
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Thank you so much for the indicator!
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Really Nice work on this one. Thanks for making this.
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congratulations,would you like to build a fibonacci indicator together.I am still new to this,but this indicator is neccasary.let me know
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Hello Dear LonesomeTheBlue

thanks for your Effort making this great Stuff

can you please show ion the chart Exactly on which candle the Buy or sell will be triggered, i'm a bit Confused because there is distance between line and candles
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