Parabolic sar with breaks

25. Juni 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. Jan. 2023

Versionshinweise

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

24. Jan. 2023

Versionshinweise

Changed chart

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

24. Jan. 2023

Versionshinweise

removed wick check as it was buggy

24. Jan. 2023

Versionshinweise

Only show signals when parabolic sar is bullish/bearish.

3. Feb. 2023

Versionshinweise

Selectable timeframe

4. Feb. 2023

Versionshinweise

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.