The ATR Bull/Bear Forex indicator for Metatrader 4 measures the number of bulls versus bears in the currency market.
In essence, it can be used as a typical buy and sell Forex trend indicator.
General assumptions:
- The trend bias is considered bullish when bulls outnumber bears in the market.
- The trend bias is considered bearish when bears outnumber bulls in the market.
- The blue signal line displays the number of bulls in the market (see chart below).
- The red signal line displays the number of bears in the market (see chart below).
Free Download
Download the “atr-mqls-indicator.mq4” indicator for MT4
Indicator Example Chart (EUR/USD M15)
How to trade with it (example)?
Open a buy trade as soon as the blue bull signal line crosses the red bear signal line from below.
Open a sell trade as soon as the red bear signal line crosses the blue bull signal line from below.
Exit the trade whenever an opposite trading signal occurs on the chart, or close near prior support/resistance.
Feel free to use your own favorite trading method or system to open and close trades with the ATR Bull Bear indicator.
Indicator Specifications
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: ATR Period, show bull, show bear, color settings & style
Indicator type: trend
Repaint? Does not repaint the colored bull and bear signal lines.
Download Now
Download the “atr-mqls-indicator.mq4” indicator for Metatrader 4
Usage:
Works for any trade style: scalping, day trading and swing trading .
The ATR Bull/Bear technical indicator can be used as a standalone Forex trading system.
Installation:
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the atr-mqls-indicator.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.
