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 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 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.
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Download the “ATR_Levels.mq4” indicator for Metatrader 4
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.
