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!
Open-source script

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.

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Comments

500 coins
+2 Reply
@PineCoders, Thank you!
+1 Reply
jrm-007 LonesomeTheBlue
@LonesomeTheBlue,

Hi, great strategy and code. A simple question, can I plot these levels using a spreadsheet rather than relying on tradingview?
+5 Reply
Can I use this for intraday trading for 15 minutes chart for accuracy?
+134 Reply
Whts the accuracy u found in this one ?
+40 Reply
HermanBrummer kariyabhargav8
@kariyabhargav8, Always the first question I also ask, too much noise on TV with bad indicators.

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
+3 Reply
elkadro HermanBrummer
@HermanBrummer, did you backtest?
Reply
@elkadro, No of course not, he just wanted to sound elitist
+5 Reply
rareSuccess15812 Stockguy0415
Reply
apaininthecass HermanBrummer
@HermanBrummer, would love to hear backtest results
+2 Reply
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