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.
🎲 Settings Settings are explained in the screenshot below.
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Simplified the code. Minor updates to defaults.
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Range calculation updated to reflect on entry and stop ratio.
Hey Thank you for this wonderful indicator, which is now the core of my FX strategy Is there any way to find the right alert combo to trigger when Supertrend lines turn from Red to Green or Green to Red ?