OPEN-SOURCE SCRIPT
Updated PSAR-Support Resistance
Parabolic Support Resistance -PSAR SR is based on the Dynamic Reversal Points of Price. This indicator eliminates the false signals of regular Parabolic SAR (Stop and Reverse). The Price of previous SAR Reversal point is plotted as Support and Resistance. The idea is to trade only after the previous reversal point is crossed and a new candle formation above / below the support resistance lines.
Price moves sideways in between the S/R Lines mostly.
Buy and Sell Signals are based on normal P-SAR settings however this S/R must be considered. Please be aware that the indicator cannot be used as a stand alone. Please make required confirmations before going into action.
Disclaimer: Please use it at your own Risk.
Price moves sideways in between the S/R Lines mostly.
Buy and Sell Signals are based on normal P-SAR settings however this S/R must be considered. Please be aware that the indicator cannot be used as a stand alone. Please make required confirmations before going into action.
Disclaimer: Please use it at your own Risk.
Release Notes
Added AlertAdded MTF Support for SAR S/R
EMA Lines Plotted for Confirmations
Release Notes
PSAR Cloud Support Resistance Enabled.* By Plotting SR lines by 10 candles, this SR Cloud acts as a Parabolic SAR S/R using previous 10 candles. Its easy to take trades in sideways market.
* During Sideways Candles swing between the Hi and Low of the Cloud.
* Plot from Higher Timeframe provides extra Support.
I have used offset=10 and timeframe=15 on a 5min chart for demonstration
*Avoid Trades when price moves into the cloud.
* Working is similar to inchimoku cloud. But here we use Parabolic SAR to provide dynamic support and resistance.
*stop loss can be placed below the candles first line of the cloud.
* take profit can be the projected cloud which acts as S/R
Please make sure you use HA candles that provides extra confirmation of trend
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.