The ATR Forex signals indicator is a powerful trend tool that works for all kind of currency traders.
It works for scalping, day trading and swing trading.
Its signals are based on the Average True Range (ATR) technical indicator.
They appear in the form of an histogram below the main Metatrader 4 trade window.
Interpret the ATR buy/sell histogram signals as follows:
- A blue histogram ATR bar represents a bullish trend.
- A red histogram ATR bar represents a bearish trend.
It’s recommend to go long at the first blue bar and short at the first red bar.
The default indicator settings work well for any trade style.
Use on its own or combine with an oscillator or price action.
Feel free to experiment with the different indicator’s inputs settings to suit your needs and preferences.
The EUR/USD 4-Hour chart below displays the Powerful ATR Buy/Sell Metatrader 4 Forex Signals indicator in action.
Basic Trading Signals
Signals from the ATR Buy/Sell Forex Signals MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade when the ATR indicator histogram bars changes color from red to blue. The ATR trend is now bullish.
Place a stop loss below support or use your own preferred SL method.
Take profit at an opposite sell signal or at fixed profit target.
Sell Signal: Open a sell trade when the super ATR indicator histogram bars changes color from blue to red. The ATR trend turned now bearish.
Place a stop loss above resistance or use your own preferred SL method.
Take profit at an opposite buy signal or at fixed profit target.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (period indicator, bars for average, percentage level up, percentage level down) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Copy and paste the iATR_Advanced_Histo_v1.0.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)