The Brooky PSAR Levels indicator for Metatrader 4 draws a wide range of interesting PSAR levels on the activity chart that be used to find trend reversal signals.
The indicator appears in the main MT4 chart window in the form of horizontally aligned lines that display the actual PSAR levels.
For best performance, use this indicator together with a sound trading strategy for trade entry around the PSAR trend reversal levels.
Key Takeaways:
- Draws the PSAR levels on the chart.
- Good to find trend reversals.
- Mix the indicator with an existing trading strategy.
The Brooky PSAR Levels indicator can be also used to confirm trading signals issued by other trading systems or strategies, or as an additional trend filter.
Free Download:
Download the “brooky-psar-levels.mq4” indicator for MT4
Indicator Example Chart (EUR/USD M15)
The example chart below displays the Brooky PSAR Levels indicator in action on the trading chart.
Trading Signals (example):
Buy signal: Look for long trades around the blue colored Brooky PSAR horizontal lines. Use a sound trading strategy for buy trade entry confirmation.
Sell signal: Look for short trades around the orange colored Brooky PSAR horizontal lines. Use a sound trading strategy for sell trade entry confirmation.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Utilize your own favorite stop loss and take profit method.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Trend
Repaint? No.
Download Now:
Download the “brooky-psar-levels.mq4” indicator for Metatrader 4
Usage:
Works for any trade style: scalping, day trading and swing trading.
The Brooky PSAR Levels indicator can be used as a standalone technical Forex indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
You should understand that this indicator will sometimes produce losses. That’s totally normal.
Installation:
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the brooky-psar-levels.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.