The ATR Levels Forex indicator for Metatrader 4 is based on the Average True Indicator (ATR) and identifies significant price levels of support and resistance on the chart.
It’s a great indicator for spotting prices where you could take profit or where a potential trend reversal might happen.
It’s highly recommended to combine the indicator with a price action strategy or with trend trading indicators.
Free Download
Download the “ATR_Levels.mq4” indicator for MT4
Indicator Example Chart (GBP/USD H1)
How to trade with it (example)?
Open a buy trade whenever the price reaches the ATR Levels support price and the overall trend is upwards. Confirm the trade with an additional trading system.
Open a sell trade whenever the price reaches the ATR Levels resistance price and the overall trend is downwards. Confirm the trade with an additional trading system.
Exit the trade whenever an opposite trading signal occurs on the chart, or at the existing ATR Levels horizontal support & resistance lines.
Feel free to use your own favorite trading method or system to open and close trades with the ATR Levels 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: ATR period, color settings & style
Indicator type: ATR
Repaint? Does not repaint the ATR Levels horizontal lines.
Download Now
Download the “ATR_Levels.mq4” indicator for Metatrader 4
ATR Levels + BSI Trend Indicator Strategy for MT4
This strategy combines the dynamic volatility zones from the ATR Levels Forex Indicator with the trend direction and strength signals from the BSI Trend Indicator.
Together, they help traders identify strong trends and key price levels to enter and exit trades with better timing on the MetaTrader 4 platform.
What Is This Strategy About?
The ATR Levels indicator plots volatility-based support and resistance levels derived from Average True Range calculations, giving traders clear zones where price may reverse or pause.
The BSI Trend Indicator provides easy-to-read trend direction signals using color-coded bars or lines that indicate bullish or bearish momentum.
By combining these, traders can align trend direction with volatility levels to enter high-probability trades and manage risk effectively.
Buy Rules
- Confirm the BSI Trend Indicator signals an uptrend, usually indicated by green bars or lines.
- Wait for the price to approach or bounce off an ATR support level from the ATR Levels Indicator.
- Enter a buy trade at the open of the candle after both conditions are met.
- Place a stop loss just below the ATR support level or recent swing low.
- Take profit near the next ATR resistance level or trail stops along with the BSI Trend Indicator.
Sell Rules
- Confirm the BSI Trend Indicator shows a downtrend, often with red bars or lines.
- Wait for price to approach or bounce off an ATR resistance level.
- Open a sell trade at the next candle open after confirmation.
- Place a stop loss above the ATR resistance level or recent swing high.
- Set the take profit near the next ATR support level or trail stops with the BSI Trend Indicator signal.
Advantages
- Dynamic support and resistance: ATR Levels adapt to current market volatility for relevant zones.
- Clear trend identification: BSI Trend Indicator provides simple and reliable trend signals.
- Risk management: Well-defined stop loss and take profit levels based on ATR zones.
- Applicable to various timeframes: Effective on M15, H1, and H4 charts.
Drawbacks
- Less effective during consolidation: Signals may be less reliable in sideways markets.
- Lagging signals: Trend indicators can lag price during sharp reversals.
- Requires discipline: Waiting for alignment between trend and ATR zones may reduce trade frequency.
Final Thoughts
The combined use of the ATR Levels Forex Indicator and the BSI Trend Indicator creates a robust strategy that blends volatility-based support/resistance with clear trend direction.
Traders can improve entry timing and risk management by waiting for confirmation from both tools.
Patience and proper money management are essential to maximize the strategy’s effectiveness.
Usage:
Works for any trade style: scalping, day trading and swing trading .
Please combine this indicator with price action or with your own favorite trading strategy or 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_Levels.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.
