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

The Brooky PSAR Levels indicator is an advanced version of the classic Parabolic SAR indicator, which, in addition to showing trend direction, also displays dynamic support and resistance levels.

Unlike the simple PSAR, which only shows points above or below the candles, this trading tool identifies critical price levels – those special zones where the price has reacted in the past and where there is a high probability of reversal or breakout.

Brooky PSAR Levels Indicator Table

The general features of the Brooky PSAR Levels indicator are shown in the table below:

Brooky PSAR Levels Indicator at a Glance

The Brooky PSAR Levels indicator, using PSAR formulas, identifies two types of levels and displays them on the chart with distinct colors:

• Resistance levels (Upper PSAR): When the price is rising and reaches this level, selling pressure usually increases, and the price may reverse or break through and continue higher;
• Support levels (Lower PSAR): When the price is falling and reaches this level, demand increases, often leading to a rebound or price stabilization.

This indicator automatically updates these levels, and traders can use them for entries, exits, or stop-loss management.

Indicator in an Uptrend

The chart below shows the AUD/NZD currency pair on the 1-minute timeframe.

In a downtrend, when the price approaches the support level determined by the PSAR indicator, signs of decreasing selling pressure or a halt in decline may appear.

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

Indicator in a Downtrend

The chart below shows the Russell 2000 index (RUS2000) on the 1-hour timeframe.

When the price touches a key support zone accompanied by reversal signals, such as bearish candlestick patterns or formations, it may indicate a lack of buying interest.

This price behavior, within the framework of technical analysis, reinforces the probability of a downtrend beginning and creates a sell-entry zone.

Brooky PSAR Levels Indicator Settings

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

• Bars back: Number of previous candles
• Sar step: Incremental step of PSAR
• Sar max: Maximum allowed value for PSAR
• Level style: Style of level display
• Price size: Font size of the price label
• Lowpsar: Internal variable for PSAR support levels below candles
• Hipsar: Internal variable for PSAR resistance levels above candles

Conclusion

The Brooky PSAR Levels 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 identifies potential reversal or breakout zones. Combining this information with price action enhances decision-making accuracy in both bullish and bearish conditions.