The ATR Trend Envelopes Metatrader 5 forex indicator is an enhanced version of the Trend Envelopes indicator but functions in a similar manner.
It is calculated based on a percentage of price change, where the same is used to gauge if there is a new trend or the trend stays the same.
The current version uses the ATR in the calculation of price change which is the only parameter that is required for the calculation.
Internally, the ATR Trend envelopes MT5 forex indicator uses close, high and low price, which cannot be altered.
In line with the features of the ATR Trend envelopes MT5 fx indicator, it can be easily deployed in locating support/resistance levels.
The EUR/CAD H4 chart below displays the ATR Trend envelopes Metatrader 5 forex indicator in action
Basic Trading Signals
Buy Signal: Go long when the dodger blue line of the ATR Trend envelopes MT5 forex indicator forms below the price bars.
Sell Signal: Go short when the crimson line of the ATR Trend envelopes MT5 forex indicator forms above the price bars.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the ATR Trend envelopes Metatrader 5 forex indicator displays a crimson line slightly above price bars.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the ATR Trend envelopes Metatrader 5 forex indicator displays a dodger blue line slightly below the candlesticks.
Tips: The ATR Trend envelopes can act to offer traders medium term support/resistance level.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (ATR period, ATR multilication factor), 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 ATR Trend envelopes.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)