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")
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)?