The ATR Stop Loss Forex indicator for Metatrader 5 delivers ATR based trade entries and it places a suggested stop loss line on the chart.
The indicator appears in the main chart screen as a purple and blue colored line that provides both trend direction and suggested stop loss level.
Determine Trend Direction:
- The trend is bullish when the purple colored line appears on the chart.
- The trend is bearish when the blue colored line appears on the chart.
The indicator works for any trade style of your preference.
The ATR Stop Loss Forex indicator works for any trading instrument that can be loaded in the Metatrader 5 platform.
The following indicator inputs and parameters can be modified: how many look back periods to check, ATR period.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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ATRStopLoss_Ind.mq5 Indicator (MT5)
Chart Example
The following chart shows what the ATR Stop Loss Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The ATR Stop Loss Forex Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the purple colored ATR line gets plotted on the chart.
- Open a buy trade and your place stop loss below the purple colored ATR stop loss line.
- Close the buy trade when the blue colored signal line appears on the trading chart.
Sell Signal
- A sell signal is given when the blue colored ATR line gets plotted on the chart.
- Open a sell trade and your place stop loss above the blue colored ATR stop loss line.
- Close the sell trade when the purple colored signal line appears on the trading chart.
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ATRStopLoss_Ind.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the ATRStopLoss_Ind.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration