One of the unique features of this indicator is that it uses a Zigzag that does not repaint, ensuring accurate high and low points for the pivot points.
Another feature is that when the Supertrend is in an uptrend, only the highest points are taken as pivot points, and when it's in a downtrend, only the lowest points are taken as pivot points.
The Fibonacci levels are calculated based on the previous high and low pivot points, with labels displaying the corresponding levels on the chart.
The indicator also includes options to show/hide the Zigzag and Fibonacci levels.
Overall, this indicator is useful for identifying key pivot points and Fibonacci levels in the Supertrend Zone, providing valuable information for traders to make informed decisions.
Added Premium/Discount line
When the trend is rising, and the price is under the premium/discount line, it may be a good idea to consider buying as it is in the discount zone.
When the trend is falling, and the price is above the premium/discount line, it may be a good idea to consider selling as it is in the premium zone.
Fix pivot point label position bug.
Sometimes we do not need supertrend color, so you can disable it.
Change premium/discount line to white as there is no trend notice.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.