Buy/Sell Average True Range (ATR) Forex Indicator For Metatrader 5
The buy and sell Average True Range indicator for MT5 is an easy to follow technical signals indicator based on ATR values.
The indicator draws a dual colored histogram below the main trading window.
The trading signals goes as follows:
- A green MT5 ATR histogram bar represents a buy signal. The trend is expected to go up.
- A red MT5 ATR histogram bar represents a sell signal. The trend is expected to go down.
The ATR indicator can be used for any trading style: scalping, day trading and swing trading.
Feel free to experiment with the ATR period and its smoothing parameter to suit your preference.
Deploy on any currency pair, stocks, indices, Gold,…
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Buy/Sell ATR Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 5 chart.
You can apply the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With Buy/Sell Average True Range (ATR) Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a buy trade when the Average True Range (ATR) MT5 indicator draws its first green histogram bar below the trading chart. The trend is now considered up.
Place stop loss 1 pip below support, or use your own stop loss placement method.
Exit the ATR buy trade for a reward to risk 1.3:1 ratio or use a fixed profit target, for instance 40 pips on the 15 min chart.
You can also exit the buy trade when an opposite red bar appears on the chart.
Sell Trigger: Open a sell trade when the Average True Range (ATR) MT5 indicator draws its first red histogram bar below the trading chart. The trend is now considered down.
Place stop loss 1 pip above resistance, or use your own stop loss placement method.
Exit the ATR sell trade for a reward to risk 1.3:1 ratio or use a fixed profit target, for instance 60 pips on the 1-hour chart.
You can also exit the sell trade when an opposite green bar appears on the chart.
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ATR period, smoothing period, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, RSI,…)
- Trend indicators (Moving Average, Bollinger Bands, ADMI,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT5
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Average True Range
Copy and paste the indicator in the MT5 indicators data folder.
Then restart the MT5 terminal and attach it to any chart.