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!
Script de código abierto

Siguiendo el verdadero espíritu de TradingView, el autor de este script lo ha publicado en código abierto, para que los traders puedan entenderlo y verificarlo. ¡Un hurra por el autor! Puede utilizarlo de forma gratuita, aunque si vuelve a utilizar este código en una publicación, debe cumplir con las Normas internas. Puede marcarlo como favorito para usarlo en un gráfico.

¿Quiere utilizar este script en un gráfico?
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Comentarios

500 coins
+1 Responder
@PineCoders, Thank you!
Responder
Can I use this for intraday trading for 15 minutes chart for accuracy?
+116 Responder
Whts the accuracy u found in this one ?
+36 Responder
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 Responder
elkadro HermanBrummer
@HermanBrummer, did you backtest?
Responder
@elkadro, No of course not, he just wanted to sound elitist
+4 Responder
apaininthecass HermanBrummer
@HermanBrummer, would love to hear backtest results
Responder
WOW! This is awesome! I've found pivot points very interesting but thought the levels were too static, but this indicator changes that. The PP center line is a game changing for entering trend trades!

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!!
+32 Responder
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
+29 Responder
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