OPEN-SOURCE SCRIPT
Parabolic SAR with alerts
Updated
This is Parabolic SAR with alerts built-in.
Release Notes
This script is a custom implementation of the Parabolic SAR (Stop and Reverse) technical indicator, designed to provide potential 'buy' and 'sell' signals.
It first calculates the Parabolic SAR using a start value of 0.02, an increment of 0.02, and a maximum value of 0.2. The resulting Parabolic SAR values are then plotted with blue cross-style markers on the chart.
The script identifies bullish and bearish signals based on the relationship between the Parabolic SAR and the high and low prices:
- Bullish Signal: If the Parabolic SAR is below the current high and above the previous low, a green triangle pointing upward is plotted below the bar. This is seen as a potential 'buy' signal, and an alert titled 'Buy SAR' is set to trigger at this condition.
- Bearish Signal: If the Parabolic SAR is above the current low and below the previous high, a red triangle pointing downward is plotted above the bar. This is seen as a potential 'sell' signal, and an alert titled 'Sell SAR' is set to trigger at this condition.
This custom Parabolic SAR indicator offers a visual and alert-based method for identifying potential trading signals, making it a helpful tool for traders seeking to use it in their trading strategy.
Please note that, like all technical analysis tools, this indicator should be used in conjunction with other forms of analysis and is not meant to provide buy or sell signals.
Always conduct your own analysis and consult a financial advisor before trading.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
For guides on how to use the Aladdin indicator or how to buy it, please check joy-bangla.gitbook.io/aladdin/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.