Instead of using a static parabolic curve, this indicator adjusts dynamically based on the changes in moving average of the price. Read here to learn more about the usage of this indicator.
I tested the strategy version of this indicator on Bitstamp:BTCUSD and compared the results to the . I changed the settings on both indicators to achieve the best results on each indicator. This indicator outperformed the by a large margin.
You need to calibrate the indicator depending on the asset and time frame. It works best in trending markets.
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.