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2013.09.19 08:36
Indicators

Brooky Psar Levels - indicator for MetaTrader 4

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Description:

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.

Image:



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