The Smooth ATR Metatrader 5 Forex indicator is an Average True Range calculated as an average of a True Range.
The simple moving average is the average that is deployed for this purpose.
What this suggests is that all the cons and pros of the simple moving average are incorporated into the ATR as well.
The Smooth ATR Metatrader 5 Forex indicator becomes much smoother and faster in its response to abrupt market changes.
The default ATR period is 14, which is adjustable to suit the trader’s preference.
The AUD/USD H1 chart below displays the Smooth ATR Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the line of the Smooth ATR Metatrader 5 custom forex indicator turns dodger blue.
Sell Signal: Go short when the line of the Smooth ATR Metatrader 5 custom forex indicator turns sandy brown.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the dodger blue line of the Smooth ATR MT5 forex indicator turns sandy brown.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the sandy brown line of the Smooth ATR MT5 fx indicator turns dodger blue.
Tips: The Smooth ATR Metatrader 5 custom forex indicator is a well-designed technical tool that will go well for swing, scalping and intraday traders alike.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (ATR 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 Smooth ATR.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)