Harmonic Patterns Based Supertrend

9 sty 2023

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.
https://www.tradingview.com/x/9GZbbEPQ/

https://www.tradingview.com/x/66A4stOL/

🎲 Settings
Settings are explained in the screenshot below.

10 sty 2023

Informacje o Wersji

Simplified the code. Minor updates to defaults.

12 sty 2023

Informacje o Wersji

Range calculation updated to reflect on entry and stop ratio.

12 sty 2023

Informacje o Wersji

Further simplified by using library -

20 sty 2023

Informacje o Wersji

Update signature :)

25 sty 2023

Informacje o Wersji

Added log scale option