As the name suggests, the ATR Trailing Stop Loss Alerts indicator for MT4 provides traders with easy to read and accurate trailing stop loss signals.
The indicator draws Average True Range (ATR) based colored dots above and below the actual price.
For buy trades, trail your stop loss up 1-3 pips below the blue dots until you get stopped out of the long trade.
For sell trades, trail your stop loss down 1-3 pips above the red dots until you get stopped out of the short trade.
The inputs tab of this indicator contains a lot of adjustable parameters.
Feel free to experiment with its settings to optimize the trailing stop loss indicator for you needs.
The EUR/USD H1 chart below displays the ATR Trailing Stop Loss Alerts Metatrader 4 forex indicator in action.
Basic Trading Signals
Trailing Stop Loss Signals from the ATR Trailing Stop Loss Alerts MT4 forex indicator are easy to interpret and goes as follows:
Trail Up Signal: Trail your stop loss up below the blue indicator dots. Keep trailing up your stop loss until you get stopped out from the buy trade.
Trail Down Signal: Trail your stop loss down above the red indicator dots. Keep trailing down your stop loss until you get stopped out from the semm trade.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (back period, ATR period, factor, median price, median base, close base, alerts) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours
Type: stop loss
Copy and paste the ATRTrailStopV3 alerts.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)