Parabolic sar with breaks

25 cze 2022

This plots a Parabolic sar and a break line on the previous sar point before the parabolic sar flips.

This is looking to be a very popular entry signal for lots of strats.

How to use:

In conjunction with other confirmation indicators;
Long: Enter long when the Parabolic sar is below the price and the price breaks above (and closes) the break line.
Short: Enter short when the Parabolic sar is above the price and the price breaks below (and closes) the break line.

A great indicator combination for this is to use a 200 ema for price trend and volume flow.

24 sty 2023

Informacje o Wersji

Added long and short labels that show when the psar line is broken with high volume

24 sty 2023

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Changed chart

Added check that labels should not show if the breaking candle has a long wick

24 sty 2023

Informacje o Wersji

removed wick check as it was buggy

24 sty 2023

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Only show signals when parabolic sar is bullish/bearish.

3 lut 2023

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Selectable timeframe

4 lut 2023

Informacje o Wersji

Added alerts and changed breakout labels.

After some research, I have found that when a parabolic Sar Breakout line is broken by price with high volume, it is much more likely to continue in that direction, and so I have have added strong and weak breakout labels.

You are able to show/hide them individually.