SAR Oscillator Forex Indicator For MetaTrader4
The SAR oscillator indicator for MetaTrader4 is simply put a Parabolic SAR in the form of an oscillator. A lot of traders use the Parabolic SAR, as such the SAR_oscillator can be deployed as a technical tool that determines the direction of an fx pair’s momentum and specified period when such momentum possesses higher-than-usual chances of changing directions.
The original indicator i.e. Parabolic SAR was designed by the renowned Welles Wilder, visually represented by series of dots placed either below or above a symbol’s price on the activity chart.
Just like the original Parabolic SAR (0.02, 0.20), the SAR_oscillator indicator is laced with the same values. Looking at the visual representation of the indication, price is said to be bullish when green histogram forms above the “0.00” level, while price is said to bearish when red histogram forms below the 0.00 level within the indicator window.
The SAR_oscillator indicator is enormously mechanical and always accepts that the trader is either in a long or short position. The indicator possesses the knack to react to shifting market conditions, which does eliminate all human emotion, thus instilling discipline.
On the contrary, one of the demerit of adopting the SAR_oscillator indicator lies in its numerous false entries during market consolidation. You’ll obviously need to use one or more indicators to filter out such false entries to avoid being whipsawed in and out of trades.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (pass, max), Colors, width & Style.
Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: momentum oscillator, trend