Forex Part of ATR MT4 Indicator

Forex Part of ATR MT4 Indicator:

About the Forex Part of ATR MT4 Indicator

This indicator is just a simple ATR indicator. It calculates the Average True Range and let you tell it to show the percentage of the ATR.

You will then see the % of the ATR on the screen.

I like to use it to calculate different things for my trading. So if you put the Part of ATR indicator on a H1 chart and set the periods to 24, then you will have it checking the latest 24 hours (24 candles back). The ATR returned will be shown on the screen in points (with decimals) and you can also set the percentage you like to see (default is 20%). This will show you the points in percentage of the total ATR.

So, when I use it with the AW Recovery System I look at the 20% ATR and use this as my step for the recovery. This way I can easily check the daily ATR and have a great calculator for my recovery. If you want to use it more conservative you can change the number to 30 or 40%.

You can also use this indicator for regular trading. An easy way to let it calculate a % of the ATR so you can place a pending trade (if this is what you like to trade).

Use it with standard currency pairs. Try the demo to see how it works before you buy it.

Test results:

Forex Part of ATR MT4 Indicator

Copy and paste the file into the MQL4 Indicators folder of the Metatrader 4 trading platform.

You can access this folder from the top menu as follows:

File > Open Data Folder > MQL4 > Indicators (paste here)

Other forex trading Expert Advisors

Leave a Comment