The ATR Channels Indicator is a popular and free Forex indicator for the MT4 trading platform. It is a useful tool for traders looking to identify market trends and make better trading decisions. The ATR Channels Indicator uses Average True Range (ATR) to measure the volatility of the market. It then draws two lines on the chart, one above and one below the price action. The distance between the two lines is determined by the ATR value, which is calculated using the high, low, and closing prices of the previous period. The upper line indicates the resistance level and the lower line indicates the support level. The ATR Channels Indicator can be used to identify potential entry and exit points in the market. When the price action is above the upper line, it is a signal to sell. Similarly, when the price action is below the lower line, it is a signal to buy. Traders can also use the ATR Channels Indicator to identify potential breakouts and trend reversals.
The ATR Channels Indicator is a useful and popular free Forex indicator for MT4 that helps traders to identify possible areas of support and resistance. It works by plotting two channels around a moving average, with one channel above the moving average and one below. The width of the channels is based on the Average True Range (ATR) of the Forex pair, with the ATR providing an indication of the volatility of the pair. The ATR Channels Indicator is easy to use and can be quickly added to any MT4 chart, making it a popular choice for Forex traders.
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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:
Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.
Open the MT4/5 terminal and click on “File” in the top left corner.
Select “Open Data Folder” from the dropdown menu.
In the window that opens, double-click on the “MQL4/5” folder.
Double-click on the “Indicators” folder.
Drag and drop the indicator file from your computer into the “Indicators” folder.
Close the data folder window and restart the MT4/5 terminal.
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.