The Super SAR Metatrader 5 forex indicator is based on the Super Trend and iSAR technical indicators.
It is evident that the indicator derived its name from both indicators i.e. “Super” from Super Trend and “SAR” from the iSAR.
The indicator has the ability to act like a Parabolic Stop and Reverse system indicator due to its iSAR component, while also acting as a tool that catches trends in their formative stages as a result of the Super Trend module.
To sum up, the indicator is comprised of green/red arrows (that appear after a change in the SAR direction, and the gray dots (that pops up after a change in the SAR direction).
The EUR/JPY H4 chart below displays the Super SAR Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the green upward pointing arrow of the Super SAR Metatrader 5 forex indicator pops up on the activity chart.
Sell Signal: Go short when the red downward pointing arrow of the Super SAR Metatrader 5 custom forex indicator pops up on the price chart.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the gray dot of the Super SAR indicator appears slightly above the candlesticks.
Exit sell trade: Close all sell orders if while a bearish trend is running, the gray dot of the Super SAR indicator gets on display somewhat below the candlesticks.
Tips: Scalpers, swing and day traders can all make use of the Super SAR MT5 indicator in a manner that allows for an overall profit accumulation.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (SAR step, SAR max, ATR period, Multiplier, Swing, Show SAR), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the Super_SAR.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)