The ATR Stops V1 Candle indicator for Metatrader 5 draws buy & sell candles on the chart that can be used for trade entry and exit.
The colored candles are calculated on the average true range (ATR) technical method.
ATR Stops V1 is newbie-friendly and should work out of the box for scalping, day trading, and swing trading style.
How to identify buy & sell market trends with the candle-based indicator?
- A green colored candle is a bullish signal.
- A purple colored candle is a bearish signal.
The indicator contains the following inputs and parameters: ATR period, style, and color.
Make yourself familiar with this technical indicator and test it first on a demo account.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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ATRStops_v1_Candle.mq5 Indicator (MT5)
Chart Example
The following chart shows how the ATR Stops V1 Candle Forex indicator looks when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The ATR Stops V1 Candle Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the first green colored candle is displayed on the chart.
- Open a buy trade and place your stop loss slightly below the previous swing low price.
- Close the buy trade for a risk/reward ratio of 1:2, or wait for the first purple colored candle.
Sell Signal
- A sell signal is given when the first purple colored candle gets displayed on the chart.
- Open a sell trade and place your stop loss slightly above the previous swing high price.
- Close the sell trade for a risk/reward ratio of 1:2, or wait for the first green colored candle.
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ATRStops_v1_Candle.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 ATRStops_v1_Candle.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