Harmonic Patterns Based Supertrend

2023년 1월 9일

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.

2023년 1월 10일

릴리즈 노트

Simplified the code. Minor updates to defaults.

2023년 1월 12일

릴리즈 노트

Range calculation updated to reflect on entry and stop ratio.

2023년 1월 12일

릴리즈 노트

Further simplified by using library -

2023년 1월 20일

릴리즈 노트

Update signature :)

2023년 1월 25일

릴리즈 노트

Added log scale option