Start with what appears on screen. The parabolic sar oscillator indicator draws a single trail of dots over the candles, not a curve in a pane below them. Those dots are Wilder’s stop-and-reverse calculation, and the acceleration cap runs a shade higher than the textbook figure.
This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.
| Platforms | MT4 (.ex4) + MT5 (.ex5) |
|---|---|
| Chart window | Main price chart |
| Plots | 1: Parabolic SAR |
| Alerts | popup, push notification, email, sound |
| Inputs | 8 |
Plots this indicator declares
One plot, sitting on the price chart.
`Parabolic SAR` places deep sky blue dots.
Each dot uses arrow code 159.
Dots below price mean the trail is long.
Dots above price mean it flipped short.
Nothing appears in a pane underneath.
- Parabolic SAR: arrow, deep sky blue, arrow code 159
What happens behind it
Chasing the extreme
One line carries the whole idea. The trail moves a fraction of the way toward the best price the current run has produced, and that fraction grows each time a new extreme prints.
How fast it accelerates
`Step` `0.02` is the increment and also the reset value. Every fresh extreme adds one step, so a long clean run closes the gap between dots and price quickly.
Where the acceleration stops
`MaxStep` `0.25` caps it. Wilder published 0.20, and the extra here lets the trail tighten faster late in a run, which brings the flip forward.
What each state tells you
A flip is price crossing the trail, nothing more.
The gap narrows as a run extends.
After a flip the trail restarts at the old extreme.
Acceleration resets to `Step` on every flip.
Dot spacing tells you how mature a run is.
Flips report once a bar has closed.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
A flip of the trail is the whole reported event. `EnableAlerts` decides whether it speaks and `EnablePopup` already prints in the terminal window. The handset, the mail file and the desktop sound behind `SoundFile` all begin switched off.
Every Parabolic SAR Oscillator Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
Step |
Acceleration added per new extreme, `0.02`. | 0.02 |
MaxStep |
Ceiling that acceleration reaches, `0.25`. | 0.25 |
Alert settings
| Setting | What it does | Default |
|---|---|---|
EnableAlerts |
Whether a flip speaks at all, `true`. | on |
EnablePopup |
Prints it in the terminal window, `true`. | on |
EnablePushNotify |
Relays it to a handset, `false`. | off |
EnableEmail |
Files it as outgoing mail, `false`. | off |
EnableSound |
Sounds it on the desktop, `false`. | off |
SoundFile |
Clip the sound uses, `”alert.wav”`. | alert.wav |
Choosing a timeframe
Wilder designed this for markets that run, and EURUSD H1 shows why. Trends there last long enough for the dots to tighten before a flip. Drop to M5 and the trail flips constantly. Move to D1 and a single run can hold for months.
Where it disappoints
Sideways trade flips the trail over and over.
A higher cap brings the flip forward, for better or worse.
The trail always lags the extreme it chases.
One plot gives you no confirmation of anything.
Copy the compiled Parabolic SAR Oscillator Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.
Download the Parabolic SAR Oscillator Indicator for MT4 and MT5
The zip holds the compiled Parabolic SAR Oscillator Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.
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FAQ
Why does MaxStep run 0.25 instead of 0.20?
It lets acceleration climb higher before it stops, which tightens the trail sooner in a long run. The practical effect is an earlier flip, so this build gives back some of a trend in exchange for a quicker exit signal.
Does the Parabolic SAR plot appear in its own pane?
No, it sits directly on the candles as a trail of dots. Despite the name, nothing is drawn below the chart; there is one buffer and it carries a price, not an oscillator reading.
What happens to Step 0.02 after a flip?
It resets. Acceleration drops back to the starting increment and begins climbing again with each new extreme, which is why the dots sit far from price immediately after a flip and close in later.
Why does the trail use arrow code 159?
Because 159 is the small filled dot, which is how this calculation has been drawn since Wilder published it. A line would misrepresent it: each value is a separate stop level, not a continuous curve.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Parabolic SAR Oscillator Indicator as one input. Always backtest before trading live.
Category: this is part of our Oscillators collection. Browse more Oscillators for MetaTrader, or explore every MT4 indicator and MT5 indicator on the site.
External references
- The core method is documented in Bull trap on Wikipedia.
- Additional market context is at Margin at Investopedia.
About the author
Written by Dominic Walsh, a Forex trader and MT4/MT5 indicator, Expert Advisor and script developer. Every tool on forexmt4systems.com is tested on live charts before release and ships with ready-to-use compiled MT4 (.ex4) and MT5 (.ex5) files. Learn more about the trader and developer behind this site.
How we build, test and correct every tool: Editorial & Testing Policy. Trading carries risk; see the disclaimer.