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
ATR Bull Bear + Bollinger STARC Bands Signals Strategy for MT4
This strategy combines the trend strength and direction insights from the ATR Bull Bear Forex Indicator with the volatility and dynamic support/resistance provided by the Bollinger STARC Bands Signals Indicator.
Together, they offer traders a comprehensive system to identify strong trend moves and time entries and exits effectively on the MetaTrader 4 platform.
What Is This Strategy About?
The ATR Bull Bear indicator uses Average True Range to measure volatility and overlays bullish or bearish signals indicating trend direction.
The Bollinger STARC Bands Signals indicator combines Bollinger Bands and STARC Bands to create dynamic price envelopes and generate buy and sell signals based on price interaction with these bands.
By integrating these indicators, traders can confirm strong trends while capturing momentum swings and potential reversal points.
Buy Rules
- Confirm the ATR Bull Bear indicator signals a bullish trend (usually green bars or “bull” indication).
- Wait for the Bollinger STARC Bands Signals indicator to show a buy signal, such as price touching or bouncing off the lower band with a green arrow or alert.
- Enter a buy trade at the open of the next candle after both confirmations.
- Place a stop loss below the recent swing low or just below the lower STARC band.
- Set take profit near the upper STARC band or at resistance levels, or trail stops based on band signals.
Sell Rules
- Ensure the ATR Bull Bear indicator shows a bearish trend (red bars or “bear” indication).
- Wait for a sell signal from the Bollinger STARC Bands Signals indicator, such as price touching or bouncing off the upper band with a red arrow or alert.
- Open a sell trade at the next candle open after confirmation.
- Place a stop loss above the recent swing high or just above the upper STARC band.
- Take profit near the lower STARC band or support zones, or use trailing stops as the price moves.
Advantages
- Clear trend identification: ATR Bull Bear filters trades in the direction of strong momentum.
- Dynamic entry/exit levels: STARC bands provide adaptive support and resistance levels.
- Works well in trending markets: Captures momentum with effective stop placement.
- Visual and easy to interpret: Color-coded signals and bands simplify decision-making.
Drawbacks
- Less effective in ranging markets: Can produce false signals during sideways price action.
- Lagging indicators: Both ATR and bands may lag during sharp reversals.
- Requires discipline: Patience to wait for signal alignment is important.
Final Thoughts
The combination of the ATR Bull Bear Forex Indicator and the Bollinger STARC Bands Signals Indicator provides traders with a powerful approach to trade trending markets by confirming momentum and using dynamic volatility bands for precise entries and exits.
Proper money management and adherence to signals can enhance trading consistency and profitability.
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.
