Harmonic Patterns Based Supertrend

2023年1月9日

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.

2023年1月10日

發行說明

Simplified the code. Minor updates to defaults.

2023年1月12日

發行說明

Range calculation updated to reflect on entry and stop ratio.

2023年1月12日

發行說明

Further simplified by using library -

2023年1月20日

發行說明

Update signature :)

2023年1月25日

發行說明

Added log scale option