This indicator is based on the Parabolic SAR.The following MT4 indicator named Parabolic SAR Trader is very useful for monitoring instantly for 10 symbols what the Market Price is related to its SAR for the last 9 periods and get alerts whenever it is time to exit a trade or if the SAR signal changes.
Using the indicator above you can tell
-What the Market Price has been in relation to its SAR signal Above(SAR=↑) or Bellow (SAR =↓) and decide if you want to take the trade at that moment based on this.
-Notified by a detailed alert (optional) whenever the SAR direction changes on the current period and a trading opportunity arises.
↗ for buying
↘ for selling
-Notified by a detailed alert (optional) whenever the last 3 consecutive SAR directions are the same and it is time to exit a trade.
↗ for exiting sell positions
↘ for exiting buy positions
When you attach the indicator to the chart you get the following options. Defaults are selected.
step : Incremental value for calculation
maximum : Maximum Value
Alerts: Whether Alerts to be when SAR conditions change over the current period
Currency #: Which currency pair to be analysed at position #
Currency #_Alerts: Whether Alerts to be displayed for the particular currency pair
This indicator is also available in Multi Time Frames Version. Check it out here Parabolic SAR Trader Multi Time Frame Version.