The Gideos atr indicator for Metatrader 4 (MT4) can be used for precise trade entry and exit, or can act as a trend confirmation tool when used together with your favorite trading strategy or system.
The indicator pops up in the main MT4 chart as a trend-following purple colored channel.
Key Takeaways:
- The trend is rising when the Gideos atr indicator is sloping up.
- The trend is declining when the Gideos atr indicator is sloping down.
Buy & Sell Trade Example
- Open a buy trade at the lower channel band when the Gideos atr channel is sloping up.
- Open a sell trade at the upper channel band when the Gideos atr channel is sloping down.
- Take profit at the opposite band.
The Gideos atr indicator works equally well on all currency pairs (majors, minors, and exotic) and shows promising results if used correctly.
Free Download
Download the “gideos-atr-indicator.mq4” indicator for MT4
Indicator Chart (EUR/USD Daily)
The example chart below displays the Gideos atr mt4 indicator in action on the trading chart.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Gideos atr indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Trend channel
Does the indicator repaint? No.
Gideos ATR + Instant Profit Scalper MT4 M1/M5 Scalping Strategy
This scalping strategy combines the Gideos ATR Forex Indicator MT4 and the Instant Profit Scalper MT4 to capture fast intraday movements.
The Gideos ATR defines the short-term trend with its channel: a rising channel signals bullish momentum, and a declining channel signals bearish momentum.
The Instant Profit Scalper provides precise entry points with magenta buy arrows and yellow sell arrows.
This setup is ideal for M1 and M5 charts for quick scalping sessions.
Buy Entry Rules
- Trend confirmation: the Gideos ATR channel must be rising, indicating a bullish trend.
- Entry signal: wait for a magenta buy arrow from the Instant Profit Scalper to appear.
- Trade execution: enter a buy trade at the close of the arrow candle.
- Stop loss: Place a tight stop below the lower boundary of the ATR channel or recent swing low.
- Take profit: aim for a 1:1 or slightly higher risk/reward ratio, or exit at the upper channel boundary.
Sell Entry Rules
- Trend confirmation: the Gideos ATR channel must be declining, indicating a bearish trend.
- Entry signal: wait for a yellow sell arrow from the Instant Profit Scalper to appear.
- Trade execution: enter a sell trade at the close of the arrow candle.
- Stop loss: Place a tight stop above the upper boundary of the ATR channel or recent swing high.
- Take profit: aim for a 1:1 or slightly higher risk/reward ratio, or exit at the lower channel boundary.
Advantages
- Fast and precise entries for M1 and M5 scalping sessions.
- Combines trend confirmation with exact arrow signals to reduce false trades.
- Flexible across multiple currency pairs with tight spreads.
- Helps scalp small pip movements multiple times per session.
Drawbacks
- Requires high focus and fast execution due to very short timeframes.
- Sideways markets can generate false signals.
- Frequent trades may increase transaction costs on some brokers.
- Scalping is sensitive to spreads and slippage, especially during low liquidity.
Case Study 1: EUR/USD M1 Chart
On June 10, the Gideos ATR channel was rising.
A magenta buy arrow appeared on the Instant Profit Scalper at 09:15.
A buy trade was entered at 1.1025, stop loss at 1.1020, take profit at 1.1035.
The trade closed in 5 minutes with 10 pips profit.
Case Study 2: USD/JPY M5 Chart
On June 12, the Gideos ATR channel was declining.
A yellow sell arrow appeared at 11:30.
A sell trade was entered at 149.85, stop loss at 149.95, take profit at 149.70.
The trade reached take profit in 15 minutes, netting 15 pips.
Strategy Tips
- Use major currency pairs with low spreads for scalping.
- Avoid trading during major news releases to reduce volatility risk.
- Keep lot sizes small and follow strict risk management.
- Confirm trend direction with the ATR channel before entering a trade.
- Consider using a trailing stop for longer M5 scalps to maximize profit.
Download Now
Download the “gideos-atr-indicator.mq4” indicator for Metatrader 4
