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ATR Bands

ATR Bands Indicator for MT4 is a great tool for forex traders who want to be able to quickly identify potential trading opportunities and manage their risk. Free Download Available.

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Description

The ATR (Average True Range) Bands indicator for MT4 is a volatility indicator that uses the Average True Range (ATR) to show volatility in the market.

This technical indicator has many functions, including a volatility detector, support/resistance tool, trend analysis tool, and trend reversal tool. For instance, it contracts and expands to show low or high volatility in the asset price.

Moreover, it helps identify the best areas for trade entries and exits. This is much better than the Bollinger Bands because of the important role that the ATR plays.

Furthermore, the indicator is simple and suits new, intermediate, and advanced traders. It can also be used with different trading styles, including scalping, day/intraday, and swing trading.

ATR Bands Features

Though the indicator looks like the Bollinger Bands, it functions differently. The upper and lower bands show the higher and lower range of the price. Thus, the bands are calculated using the average true price range.

Buy and Sell Strategies

Buy signal: Wait for the price to reach the lower band of the indicator and observe potential price rejection. If these conditions align, consider initiating a buy position once a bullish reversal candlestick pattern forms.

Sell signal: Conversely, if you’re looking to sell, wait for the price to reach the upper band of the indicator. Keep an eye out for signs of downward price rejection. When the conditions are met, consider opening a sell position after a bearish reversal candlestick pattern emerges.

The ATR Bands indicator in MT4 serves a dual purpose: it measures trend volatility and helps you make well-timed trade entries and exits. It’s a valuable tool for identifying trend reversals, volatility, breakouts, and the continuation of trends. Best of all, this indicator is available for download at no cost.

ATR Bands Indicator Settings

MA_Period: Input an MA_Period value.

MA_Mode: Input an MA_Mode value.

MA_Price: Input an MA_Price value.

ATR_Period: Input an ATR_Period value.

KATR: Input a KATR value.

Shift: Input a Shift value.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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