This Swing determiner is based on the Parabolic SAR indicator trend by Welles Wilder. The dots above or below the price evolve in a parabolic shape to the price and are used to exit a trade (the stoploss).
When a red (short) or blue (long) candle is formed after a swing of Parabolic SAR, an entry order can be placed after the close, in the direction of the color. After the entry the stoploss order is trailed on the dots of the Parabolic SAR. The exit is when the stoploss is hit.
The grey candles will be ignored as entry signal.
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//Swing Determinator Parabolic SAR //11-07-2018 //Marcel van Vliet //--- parameters // mmTYPE=1 (mm type) // --- bodyhigh = max(open,close) bodylow = min(open,close) if(open<=close and close > SAR) then LongWickUp = high LongCandleUp = bodyHigh LongWickDown = low LongCandleDown = bodyLow elsif(open>=close and close > SAR) then LongWickUp = low LongCandleUp = bodyLow LongWickDown = high LongCandleDown = bodyHigh elsif(open<=close and close < SAR) then ShortWickUp = high ShortCandleUp = bodyHigh ShortWickDown = low ShortCandleDown = bodyLow elsif(open>=close and close < SAR) then ShortWickUp = high ShortCandleUp = bodyLow ShortWickDown = low ShortCandleDown = bodyHigh endif //bullish candlesticks if close>SAR then DRAWCANDLE(LongCandleDown,LongWickUp,LongWickDown,LongCandleUp) coloured(0,0,102) Endif //Neutral candlesticks above the MA If close>SAR and close<open then DRAWCANDLE(LongCandleDown,LongWickUp,LongWickDown,LongCandleUp) coloured(150,150,150) Endif //bearish candlesticks if close<SAR then DRAWCANDLE(ShortCandleDown,ShortWickUp,ShortWickDown,ShortCandleUp) coloured(200,0,0) Endif //Neutral candlesticks under the MA If close<SAR and close>open then DRAWCANDLE(ShortCandleDown,ShortWickUp,ShortWickDown,ShortCandleUp) coloured(150,150,150) Endif RETURN |
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Hi,
How are you drawing the parabolic line on the price chart? I have added your indicator and SAR indicator, but the parabolic line is not displayed as in your screenshot.
Thanks
The line is just a moving average line. The indicator reacts on the Parabolic SAR dots.
I dont get the dots! What am i doing wrong? 🙂
Ignore this comment 😉