Harmonic Patterns Based Supertrend

Trendoscope Wizard Updated   
Extending the earlier implemented concept of Harmonic-Patterns-Based-Trend-Follower, in this script, lets make it work as supertrend so that it is more easier to operate.

🎲 Process
🎯 Derive Zigzag and scan harmonic patterns for last 5 confirmed pivots
🎯 If a pattern is found, bullish and bearish zones are calculated based on parameter Base
🎯 These bullish and bearish zones act as supertrend based on current trade in progress.
🎯 When in bullish mode, bearish zone will only go up irrespective of new pattern forming new low. Similarly when in bearish mode, bullish zones will only come down - this is done to imitate the standard supertrend behaviour.

🎲 Note
Patterns are not created on latest pivot as last pivot will be unconfirmed and moving. Due to this, patterns appear after certain delay - patterns will not be real time. But, this is expected and does not impact the overall process.

Here are few chart captures to demonstrate how it works.

🎲 Settings
Settings are explained in the screenshot below.

Release Notes:
Simplified the code. Minor updates to defaults.
Release Notes:
Range calculation updated to reflect on entry and stop ratio.
Release Notes:
Further simplified by using library -
Release Notes:
Update signature :)
Release Notes:
Added log scale option

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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