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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Comments

Hi ATR line is Repaint ?
Reply
Hello @LonesomeTheBlue
Thank you so much for your amazing job and the effort you put in that.
I have a quick question (I'm pretty new to this world of trading, so it might be a silly one). Let's focus on this part of the script:
ph := pivothigh(prd1, prd2)
pl := pivotlow(prd1, prd2)

When using the script in real time, is prd2 looking to future's bars?
If yes, how can we adapt the script to behave in a similar manner (i.e. using prd2=0)?

Cheers,
giova
+3 Reply
thanks for this indicator!
Reply
Thanks for sharing
+2 Reply
Can I use this for intraday trading for 15 minutes chart for accuracy?
+29 Reply
Hi, Thank you, Can I use the indicator for Indian Market?
+9 Reply
The script doesn't show correct sell and buy points. I am not sure if I am doing something wrong.
+7 Reply
Whts the accuracy u found in this one ?
+10 Reply
Thank you so much for the indicator!
+3 Reply
Really Nice work on this one. Thanks for making this.
+4 Reply
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