ATR Support & Resistance Forex Indicator For Metatrader 4
The ATR (average true range) support and resistance Forex MT4 indicator draws ATR based support and resistance breakout levels on the chart.
The ATR support and resistance levels appear in the form of red colored horizontal lines.
The indicator draws two support and two resistance levels on the chart together with the accompanying price level.
How to use ATR S&R levels?
Use the ATR support and resistance levels to trade powerful breakouts.
- One would go long when price closes above the ATR resistance level from below.
- One would go short when price closes below the ATR support level from above.
Deploy the indicator on any MT4 symbol and time frame.
The indicator will update all support and resistance levels on autopilot.
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ATR Support & Resistance Forex Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
You can apply the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With The ATR Support & Resistance MT4 Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a buy breakout trade when price closes above any of the ATR resistance levels.
Place a protective stop loss 2-3 pips below short-term support, or use your own stop loss placement strategy.
Close the buy trade for a reward/risk ratio of 1.7 or better.
Alternatively, exit the ATR buy breakout trade for a fixed take profit target, for example, 25 pips on the 5-minute currency chart.
Sell Trigger: Open a sell breakout trade when price closes below any of the ATR support levels.
Place a protective stop loss 2-3 pips above short-term resistance, or use your own stop loss placement strategy.
Close the sell trade for a reward/risk ratio of 1.7 or better.
Alternatively, exit the ATR sell breakout trade for a fixed take profit target, for example, 40 pips on the 30-minute currency chart.
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ATR period, colors, width, style.
The indicator can be used as a stand-alone breakout indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, RSI,…)
- Trend indicators (Moving Average, Bollinger Bands, ADMI, Parabolic SAR,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: support & resistance
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.