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")
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
I would be eternity grateful if you could add a alert for the PP center line, such as crossing down or crossing up. please please please!
Since finding this indicator I have checked out many of your other scripts... awesome work all around. Followed you and favorited half of your scripts! Will be donating once I start making some $$ off that PP center line!!
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)?