This is an open-source Pine script that generates a Supertrend Zone Pivot Point with Zigzag Fib indicator for TradingView. The indicator displays the Supertrend Zone, pivot points, and Fibonacci levels on the chart.
One of the unique features of this indicator is that it uses a Zigzag that does not repaint, ensuring accurate high and low points for the pivot points.
Another feature is that when the Supertrend is in an uptrend, only the highest points are taken as pivot points, and when it's in a downtrend, only the lowest points are taken as pivot points.
The Fibonacci levels are calculated based on the previous high and low pivot points, with labels displaying the corresponding levels on the chart.
The indicator also includes options to show/hide the Zigzag and Fibonacci levels.
Overall, this indicator is useful for identifying key pivot points and Fibonacci levels in the Supertrend Zone, providing valuable information for traders to make informed decisions.
Release Notes
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Added Premium/Discount line When the trend is rising, and the price is under the premium/discount line, it may be a good idea to consider buying as it is in the discount zone. When the trend is falling, and the price is above the premium/discount line, it may be a good idea to consider selling as it is in the premium zone.
Release Notes
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Add show _supertrend and show_premiumdiscount input Fix pivot point label position bug.
Sometimes we do not need supertrend color, so you can disable it. Change premium/discount line to white as there is no trend notice.
@RozaniGhani-RG, Thanks a lot. I just got my first coins from TradingView.
YasserBen0
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hi , thanks for sharing , i just wonder how can u inverse the fibbonacci , for example when we have an impulsive uptrend move , it puts the 0 at the buttom and 1 at the top , i want the inverse of it , in an uptrend i want to level ( 1 ) of the fibbonacci to be in the buttom and thanks
w4rz0ne99
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@YasserBen0, @Jesse.Lau Please this is an important observation. How to inverse the fib?
zippedmails
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Hi. Thanks for sharing. How can I add this as an indicator to MT4?
Dragonara
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Hi, Many thanks for sharing. I must admit the backtesting appears phenomenal, in practice does the signal appear the instant the indicator has highlighted a direction change or is there a time lag within the process.
dhiraj08patil
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grate work is this possible to draw support & ressitance on same pivot & fibbonacci in reversal points Thanks for share
rokee82
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Thank you for the good indicators Please correct the Fibonacci label erasing
suvomoy17
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Looks great but lagging Indicator .. only for fun ..
ukmpits
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@Jesse.Lau Sir, Is there any future update? Would you like to add alarm alert function? I noticed the pivot came late after few bars.. Is it possible to appear after 1 bar only? Thanks mate