This special indicator plots support and resistance dots on the charts.
It’s based on the Parabolic Sar (PSAR) indicator and can be used to follow the hourly and 4 hour trend (recommended time frame’s).
The indicator also offers a very simply method of moving trailing stops, i.e., 1 pip above the orange dots or 1 pip below the blue dots.
Up Trend: Blue dots plotted below the market price. Look for buy signals.
Down Trend: Orange dots plotted above the market price. Look for sell signals.
Configurable Indicator Options
bars back, sar step, sar max, price size
EUR/USD 4 Hour Chart Example
How to install the Support/Resistance Parabolic Sar Levels custom indicator in Metatrader 4?
- Download the Support-Resistance Psar Levels.mq4 indicator to your computer.
- Open your Metatrader 4 platform.
- Open the data folder from the top menu.
- Open the MQL4 folder.
- Open the indicators folder.
- Paste the indicator file in this folder.
- Restart the trading platform.
- Open any trading chart.
- Attach the indicator to the chart.