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This indicator is a modified Parabolic SAR (Stop And Reverse) created by Dennis Meyers in 2001 in order to avoid the typical whipsaws produced in ranging, non-trending markets. Parabxot does not reverse unless the price penetrates the previous SAR level by a specified amount. Also it increases (decreases) the initial distance of the SAR level by adding (substracting) a predefined percentage amount to the Parabolic starting value.

The thresholds can be adjusted using the following parameters:

  • xo controls the percentage amount added or substracted to the last Parabolic SAR value in order to allow a change in direction in the indicator.
  • xpr defines how much should be added to the previous highest high (in case of a bearish reversal) or substracted to the previous lowest low (in case of a bullish reversal), expressed as a percentage of price.

Setting xo and/or xpr to zero disables the filters and the indicator behaves as the original Parabolic SAR.

Meyers, Dennis (2001), The Improved Parabolic + Noise Filter System
Release Notes:
Fixed error in line 20 (replaced + by *)

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.


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