The Parabolic SAR Signal Histogram indicator for Metatrader 4 transforms the classic PSAR indicator into an easy to use buy & sell trend histogram.
The indicator consists to blue and red colored histogram bars that provide the actual buy & sell trade entries and exits.
The indicator works well for scalping the bands numerous times a day on the lower time frames!
Buy & sell signal:
- Open a buy trade when the first blue bar appears on the bottom chart.
- Open a sell trade when the first red bar appears on the bottom chart.
- Close and reverse the trade when the histogram bar changes color.
From our testings, the indicator does not repaint and works for any currency pair and time frame without slowing down the trading platform.
It can be used as a standalone technical tool or it can be combined with other technical indicators and trading strategies.
Try first on a demo account until you fully understand how this indicator works!
Indicator Chart Example
The picture above shows the indicator attached to the Euro / U.S. Dollar chart.
How to install the Parabolic SAR Signal Histogram indicator to your Metatrader 4 platform?
- Download the I2G – SAR HISTO.ex4 indicator file here and save it to your computer
- Open your Metatrader 4 platform
- Click on “File” (top menu) and then select “Open Data Folder” from the drop down menu
- Click on “MQL4” and open the “Indicators” folder
- Paste the indicator file in this folder
- Restart Metatrader 4 and you’re ready to start using the indicator
How to edit the indicator?
- Attach the indicator to any trading chart of your preference
- Right click in the chart and select “Indicators List” from the drop down menu
- Select the indicator from the list and click on “Edit”
- Now you can start editing the indicator (Inputs, Colors and Visualization)
- Final step, click on the “OK” button to save the new configuration