BBandsPsar is a custom hybrid indicator that combines a volatility framework (Bollinger Bands) with a trend-following mechanism (Parabolic SAR) into a single technical tool.
By measuring the distance between the Parabolic SAR value and the candle's open or close, the indicator captures the alternating, trend-switching nature of the SAR. It then scales this gap using Bollinger Bands to plot the resulting values as a standardized histogram. This standardization provides a consistent, cross-asset threshold, making it easy to analyze different financial instruments under a unified scale.
For maximum flexibility, BBandsPsar fully inherits the input parameters of both underlying indicators, allowing traders to fine-tune its sensitivity and behavior.
If you want dynamic input testing for Bollinger bands replace this code :
bandsHandle = iBands(_Symbol, _Period, 20, 0, 2, PRICE_CLOSE);
with
bandsHandle = iBands(_Symbol, _Period, blpd, 0, bldev, PRICE_CLOSE);
To allow input variables to be passed dynamically into the iBands function