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")
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.
Hi, great strategy and code. A simple question, can I plot these levels using a spreadsheet rather than relying on tradingview?
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