Multi-Timeframe PSAR Indicator ver 1.0

Enhance your trend analysis with the Multi-Timeframe Parabolic SAR (MTF PSAR) indicator! This powerful tool displays the Parabolic SAR (Stop and Reverse) from both the current chart's timeframe and a higher timeframe, all in one convenient view. Identify potential trend reversals and set dynamic trailing stops with greater confidence by understanding the broader market context.

Key Features:

Dual Timeframe Analysis: Simultaneously visualize the PSAR on your current chart and a user-defined higher timeframe (e.g., see the Daily PSAR while trading on the 1-hour chart). This helps you align your trades with the dominant trend.

Customizable PSAR Settings: Fine-tune the PSAR calculation with adjustable Start, Increment, and Maximum values. Optimize the indicator's sensitivity to match your trading style and the volatility of the asset.

Independent Timeframe Control: Choose to display either or both the current timeframe PSAR and the higher timeframe PSAR. Focus on the information most relevant to your analysis.

Clear Visual Representation: Distinct colors for the current and higher timeframe PSAR dots make it easy to differentiate between the two. Quickly identify potential entry and exit points.

Configurable Colors You can easily change colors of Current and HTF PSAR.

Standard PSAR Logic: Uses the classic Parabolic SAR algorithm, providing a reliable and widely-understood trend-following indicator.

lookahead=barmerge.lookahead_off used in the security function, there is no data leak or repainting.

Benefits:

Improved Trend Identification: Spot potential trend changes earlier by observing divergences between the current and higher timeframe PSAR.

Enhanced Risk Management: Use the PSAR as a dynamic trailing stop-loss to protect profits and limit potential losses.

Greater Trading Confidence: Make more informed decisions by considering the broader market trend.

Reduced Chart Clutter: Avoid the need to switch between multiple charts to analyze different timeframes.

Versatile Application: Suitable for various trading styles (swing trading, day trading, trend following) and markets (stocks, forex, crypto, etc.).

How to Use:

Add to Chart: Add the "Multi-Timeframe PSAR" indicator to your TradingView chart.

Configure Settings:

PSAR Settings: Adjust the Start, Increment, and Maximum values to control the PSAR's sensitivity.

Multi-Timeframe Settings: Select the desired "Higher Timeframe PSAR" resolution (e.g., "D" for Daily). Enable or disable the display of the current and/or higher timeframe PSAR using the checkboxes.

Interpret Signals:

Current Timeframe PSAR: Dots below the price suggest an uptrend; dots above the price suggest a downtrend.

Higher Timeframe PSAR: Provides context for the overall trend. Agreement between the current and higher timeframe PSAR strengthens the trend signal. Divergences may indicate potential reversals.

Trade Management:

Use PSAR dots as dynamic trailing stop.

Example Use Cases:

Confirming Trend Strength: A trader on a 1-hour chart sees the 1-hour PSAR flip bullish (dots below the price). They check the MTF PSAR and see that the Daily PSAR is also bullish, confirming the strength of the uptrend.

Identifying Potential Reversals: A trader sees the current timeframe PSAR flip bearish, but the higher timeframe PSAR remains bullish. This divergence could signal a potential pullback within a larger uptrend, or a warning of a more significant reversal.

Trailing Stops: A trader enters a long position and uses the current timeframe PSAR as a trailing stop, moving their stop-loss up as the PSAR dots rise.

Disclaimer: The Parabolic SAR is a lagging indicator and may produce false signals, especially in ranging markets. It is recommended to use this indicator in conjunction with other technical analysis tools and risk management strategies. Past performance is not indicative of future results.