Unlike the normal , this indicator allows for the modification of the start point of the Parabolic SAR’s first bar calculation. Normally, the automatically has a start point after the first bar of an asset’s historical price that will then switch between trailing above and below price respectively. It must be noted that due to how the first position of the is calculated, on occasion the will immediately flip on the next bar to the opposite side relative to price that it was just located. Modifying the setting “⭐Initial Interactive SAR Position Source”, then selecting either 'Clicked' or 'ATR' level as the vertical start position will prevent this. See images below for more explanation.
Why use a trailing stop-loss?
A trailing stop-loss provides an exit when price moves against you but also enables you to move the exit point further into profit when price is moving in the desired direction of a trade. The ( stop and reverse ) which is used to determine price direction as well as when price direction is changing, is very effective at functioning as a trailing stop loss.
Initially when this indicator is added to the chart, you will be prompted to select where to begin the SAR Trailing Stop-loss.
For a long stop-loss, select below price.
For a short stop-loss, select above price.
After this indicator is placed, it can be modified via dragging or from within the settings by modifying the time and the price input. Or simply re-add the indicator to the chart. Another option is to have this begin directly on the price that was initially ‘Clicked’ or the ‘ATR’ level, which requires selecting the option in settings labeled “⭐Initial Interactive SAR Position Source”
The SAR Stop Loss plotted. Note that the calculation that occurs on this first bar of the ‘Interactive SAR’ is as if the prior bar was the oldest historical bar of the asset. Due to the SAR’s calculations, if the ‘Normal SAR’ were to also flip sides over to the position that has been manually set for the ‘Interactive SAR’, they won’t necessarily have the same result.
An optional fixed profit target can be added within the settings. This profit target will only actively be plotted when the SAR Trailing Stop-loss has not be hit yet or until the profit target has been hit.
Here shows that the profit target was hit, then later on the SAR Trailing Stop-loss was hit.
Note, trailing stop-loss will continue to be plotted until it has been hit regardless of the profit target being hit or not.
Here is an example of when the will immediately flip on the next bar to the opposite side relative to price that it was just first located. This is due to how the is calculated and will also occur with the traditional that is not interactively (manually) given a start location. To prevent this, either relocate this time in which this SAR beings or consider modifying the SAR’s (start, increment, max) settings specifically.
Here instead of using the SAR’s calculation for an initial bar, the ‘ATR’ was selected as the start point within the setting “⭐Initial Interactive SAR Position Source”.
1. 'Check' alerts to use within indicator settings (trailing stop hit and/or profit target hit).
2. Select 'Create Alert'
3. Set the condition to 'Interactive SAR''
4. Select create.
This change was made to provide more consistency due to the unexpected nature of the calculations that the SAR normally would perform for its first value.
The label now includes details on which '1st Bar Source' is set in settings (SAR, Clicked, or ATR). Additionally, hovering over the label explains these selections.
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