Brooky PSAR Levels Indicator in MetaTrader 4 – Free Download [TradingFinder]

The Brooky PSAR Horizontal Indicator is an advanced version of the classic Parabolic SAR indicator that displays dynamic support and resistance levels in addition to the trend direction.

Unlike a simple PSAR that only shows points above or below a candle, this trading tool identifies key price levels - special areas where price has reacted in the past and where a reversal or breakout is highly likely.

Brooky PSAR Level Indicator Table

The general characteristics of the Brooky PSAR level indicator are shown in the table below:

Brooky PSAR Level Indicators at a Glance

The Brooky PSAR Levels Indicator uses the PSAR formula, identifies two types of levels and displays them in different colors on the chart:

• Resistance Level (PSAR Upper) : When price rises and reaches this level, selling pressure usually increases and price may reverse or break out and continue higher;
• Support Level (Lower PSAR) : When price falls and reaches this level, demand increases, usually resulting in a rebound or price stabilization.

The indicator automatically updates these levels and traders can use them for entry, exit or stop loss management.

Indicators are in an upward trend

The chart below shows the AUD/NZD currency pair on the 1 minute time frame.

In a downtrend, when the price approaches the support level identified by the PSAR indicator, there may be signs of a decrease in selling pressure or a stop in the decline.

A favorable price reaction in this area, such as a reversal candlestick or a break below the downtrend line, creates a buy entry area.

Indicators are in a downward trend

The chart below shows the Russell 2000 Index (RUS2000) on the 1 hour time frame.

When price hits a key support area and is accompanied by a reversal signal, such as a bearish candlestick pattern or pattern, it may indicate a lack of buying interest.

This price action, in technical analysis , enhances the likelihood that a downtrend has begun and creates a sell entry area.

Brooky PSAR Level Indicator Settings

The image below shows the settings panel of the Brooky PSAR Level indicator:

• Bars back : Number of previous candles
• Sar step : incremental step size of PSAR
• Sar max : the maximum allowed value of PSAR
• Level style : Level display mode
• Price size : font size of the price label
• Lowpsar : internal variable for the PSAR support level below the candle chart
• Hipsar : Internal variable for the PSAR resistance level above the candle chart

Conclusion

The Brooky PSAR Level Indicator is a practical tool for identifying dynamic support and resistance levels based on the PSAR formula.

In addition to showing trend direction, this indicator can also identify potential reversal or breakout areas. Combining this information with price action can improve the accuracy of decision-making in both bullish and bearish situations.