OPEN-SOURCE SCRIPT
Harmonic Patterns Based Supertrend
Updated
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.
🎲 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.
Release Notes
Simplified the code. Minor updates to defaults.Release Notes
Range calculation updated to reflect on entry and stop ratio.Release Notes
Further simplified by using library - 
Release Notes
Update signature :)Release Notes
Added log scale optionOpen-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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Telegram: p.trendoscope.io/telegram
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