This indicator is a new improved version of the original Brooky Psar Levels indicator.
Additional levels have been added that were missing from the original and the psar settings are optimized for H1 and H4 in particular.
The main goal of this indicator is to try and find confluence from previous psar switches and by plotting these levels find areas of potential reversal or re-evaluation
of trades. It can be used to follow trends with trailing stops at previous levels on a smaller time-frame or the plotted psar, though the psar trail can often leave a lot on the table.
It offers a simple yet effective method of plotting support and resistance levels based on a consistent logic so that you can use your favorite indicators against the levels to look for trades.
It is beneficial to run the indicator on both H1 and H4 and make judgements based on both time-frames.
The attached image is a good example how two confluent areas played their part in a big EurUsd short. Upon establishing the 2nd top level at 1.32909 there was a small retrace and then the drop.
That retrace is quite typical behavior and it will generally break hard back into or reverse the trend. Enjoy.
MT4 Indicator Download – Instructions
[post-title] is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
[post-title] provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install [post-title].mq4?
- Download [post-title].mq4
- Copy [post-title].mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on [post-title].mq4
- Attach to a chart
- Modify settings or press ok
- Indicator [post-title].mq4 is available on your Chart
How to remove [post-title].mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
MT4 Indicators Download below: