The ATR Channels Forex indicator for Metatrader 4 draws channels around the candlesticks and works for both trade entries and exits.
In essence, the indicator plots price channels around the candlesticks using ATR and a set of moving averages.
Key Points:
- Rising ATR channels represent a rising trend. Look to buy the pair.
- Falling ATR channels represent a declining trend. Look to sell the pair.
- The ATR channels act as support and resistance.
The multiplier periods can be adjusted by editing the indicator’s inputs.
Free Download
Download the “atr-channels.mq4” indicator for MT4
Indicator Example Chart (USD/JPY H4)
How to trade with it (example)?
Open a buy trade as soon as the slope of the ATR Channels indicator starts going up.
Enter the trade around the lower green ATR Channel support line.
Open a sell trade as soon as the slope of the ATR Channels indicator starts going down.
Enter the trade around the upper blue ATR Channel resistance line.
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 Channel Forex 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: Period ATR, MA period, MA type, Multi factor, color settings & style
Indicator type: ATR
Repaint? Does not repaint the ATR price channels.
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Download the “atr-channels.mq4” indicator for Metatrader 4
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-channels.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.
