Brooky PSAR Levels Indicator in MetaTrader 5 – Free Download [TradingFinder]

The Brooky PSAR Levels indicator is an updated version of the classic Parabolic SAR in MetaTrader 5. In addition to identifying the trend direction, it also allows for the detection of dynamic support and resistance levels.

Unlike the basic PSAR, which only marks points above or below candles, this tool displays levels where price reactions have previously occurred and which represent significant zones of reversal or breakout under current market conditions.

Brooky PSAR Levels Indicator Table

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

Brooky PSAR Levels Indicator at a Glance

The Brooky PSAR Levels indicator, based on PSAR calculations, identifies two key market levels and marks them on the chart with distinct colors:

• Resistance (Upper PSAR): In uptrends, when the price reaches this area, selling pressure often increases, which can cause the price to reverse or break the level and continue upward;
• Support (Lower PSAR): In downtrends, reaching this level is usually accompanied by increased demand, raising the likelihood of a rebound or a halt in decline.

This tool automatically updates the levels and can be used to determine entries, exits, or stop-loss placements in trades.

Indicator in an Uptrend

The chart below shows the S&P 500 index on the 4-hour timeframe. In a downtrend, as the price approaches a support level, signs of reduced selling pressure or a pause in the decline may appear.

If a positive reaction occurs – such as a reversal candlestick or a break of the downtrend line – suitable conditions for a buy-entry trade are created.

Indicator in a Downtrend

The chart below shows the EUR/CAD currency pair on the 15-minute timeframe.

When the price meets a significant support zone and reversal signals such as bearish candlesticks or reversal patterns appear, it indicates weakening bullish momentum.

From a technical analysis perspective, this increases the probability of a new downtrend starting and creates a sell-entry opportunity.

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 an analytical tool based on the PSAR formula that accurately displays dynamic support and resistance levels on the chart.

This trading tool, in addition to determining trend direction, also identifies significant zones of price reversal or breakout.

Using these levels alongside price action increases accuracy in analysis and decision-making in both bullish and bearish market conditions.