The Parabolic SAR is a technical analysis indicator that can be used to set trailing price stops for long or short positions and assists traders in selecting an entry and exit points. The indicator is also referred to as a stop and reverse system, which is abbreviated as SAR.
The Parabolic SAR trading strategy is essentially a trend trading strategy. It is used to identify a particular trend, and it attempts to forecast trend continuations and potential trend reversals. The indicator tends to produce good results in a trending environment, but it produces many false signals and losing trades when the price starts moving sideways.
Like any charting indicator, the Parabolic SAR works equally well in any time frame. To determine which time frame works best, you should consider your trading strategy. Day traders and scalpers may use one-minute, five-minute, or one-hour time frames, while swing traders may use daily, weekly, or monthly time frames.
What is the free Parabolic SAR EA?
If you are a fan of the Parabolic SAR indicator and don’t want to constantly be sifting through multiple charts and timeframes for Parabolic SAR signals, then this free Parabolic SAR EA can be a great solution.
It will analyse all of the charts that you attach it to in the MetaTrader 4 (MT4) platform for buy or sell signals which can save you plenty of time and allow you to simultaneously follow lots of currency pairs or other financial instruments.
How does the free Parabolic SAR EA work?
When the Parabolic SAR EA finds a valid trading signal according to its built-in algorithm, it will send you a signal alert via SMS, email or a platform pop-up. You can choose the alerts that you wish to receive from the Parabolic SAR EA settings.
Not only can it send you alerts for manual trading, but you can set it to actually place trades on your behalf in case you are not around to do it yourself. It includes customisable settings and money management features such as stop loss, take profit, break even and a trailing stop.
Parabolic SAR EA Trading Strategy
I have built this free Parabolic SAR EA for MT4 (MQL4) so that you can use it to generate signals and automatically trade based on the Parabolic SAR trend trading strategy. I have left the Parabolic SAR expert advisor settings available as external inputs for you to adjust depending on your preferred trading style. This includes the Parabolic SAR step and Maximum settings.
Parabolic SAR Trend Strategy
- Buy Signal: Parabolic SAR is below current bar
- Sell Signal: Parabolic SAR is above current bar
Parabolic SAR EA Features
- All of the Parabolic SAR EA settings are customisable
- The Parabolic SAR robot can send Parabolic SAR signals and trade automatically
- Keep full control over your money management
- The Parabolic SAR EA MQL4 is developed for the MT4 platform
- The Parabolic SAR MT4 EA can be used on any MT4 forex broker
- The Parabolic SAR EA is free to use without any restrictions at all
- Includes easy to understand setup instructions
Parabolic SAR EA Settings
- Expert Name
- Pop Up Alerts
- Email Alerts
- SMS Alerts
- Days Filters
- Hours Filter
- Magic Number Buy
- Magic Number Sell
- Maximum Spread
- Maximum Slippage
- Open Orders Limit
- Use Risk
- Risk Percent
- Stop Loss
- Take Profit
- Close Opposite Signal
- Use Break Even
- Break Even Point
- Use Trailing Stop
- Trailing Gap
- Close Percent
- Minimum Lot Close
- Parabolic SAR Trend
- Parabolic SAR Step
- Parabolic SAR Maximum
Conclusion: Is this free Parabolic SAR EA for me?
If you are looking to get automated Parabolic SAR signals in MT4 then yes, this can do the job. It can send you buy or sell signal alerts and place trades without you needing to do anything. As with any automated or manual forex strategy, there is no guarantee at all on the results that you will get.
This Parabolic SAR robot has not been optimized so it does not include set files. You will need to choose your own settings. However, you do have unlimited access so you can test it as much as you want on all of your favourite currency pairs and chart timeframes.
If you manage to come up with some interesting settings that show good historical performance, please feel free to share them with me.
You might also want to check out my other free forex EA’s that you can download:
- Free Bollinger Bands EA
- Free RSI EA
- Free CCI EA
- Free Moving Average EA
- Free Envelopes EA
- Free ADX EA
- Free Ichimoku EA
- Free Stochastic EA
- Free MACD EA
If you are looking for a forex robot that combines multiple technical indicators along with price action analysis, please feel free to take a look at my free forex robot.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.