The ATR Signals Metatrader 4 forex indicator is based on the ATR (average true range) indicator and works together with two fast moving average indicators.
The indicator draws three signal lines in a separate window below the main activity chart.
A green, blue and red line.
All signal lines combined all together creates an easy to trade forex system that can be deployed on any currency pair and any timeframe of your choice.
It is a typical crossover forex system but now with 3 signal lines.
Use it for scalping (M1, M5), day trading (M5, M15) or for short-term swing trades on M15, M30 and H1 trading charts.
The default ATR Signals indicator settings can be modified directly from the indicator’s inputs tab. Experiment with its settings.
The EUR/USD M15 chart below displays the ATR Signals forex indicator in action.
Basic Trading Signals
Signals from the ATR Signals forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade position when the blue signal line is aligned above the red and green one AND the red signal line is aligned above the green line.
Sell Signal: Open sell trade position when the blue signal line is aligned below the red and green one AND the red signal line is aligned below the green line.
Trade Exit: Close the open buy/sell forex position when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (ATR period, MA fast period, MA slow period) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the sfx-ma-on-atr-indicator.ex4 indicator 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)