The Multi ATR Bands Forex indicator for Metatrader 5 draws 6 ATR bands on the chart and they can be used for buy/sell trade entry and take profit.
This indicator is composed of the Average True indicator and moving averages.
- The trend is upward when the ATR bands’ slope is going up.
- The trend is downward when the ATR bands’ slope is going down.
The following indicator inputs and parameters can be modified: show middle lines, show ATR bands, first ATR period, second ATR period, third ATR period, type, applied price, first MA type, second MA type, third MA type, multiplier.
The indicator works for any trading instrument (Forex, Stocks, Indices, Metals, etc.) that can be loaded in the Metatrader 5 platform.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the Multi ATR Bands Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Multi ATR Bands Indicator?
Find a simple trading example below:
- A buy signal is created when the ATR bands are sloping up (bullish trend) and price touches the middle green ATR band from above (buy on dips).
- Open a buy trade and place your stop loss 2-3 pips below the most recent support area.
- Close the buy trade for a fixed profit target of your preference.
- A sell signal is created when the ATR bands are sloping down (bearish trend) and price touches the middle green ATR band from below (sell on rallies).
- Open a sell trade and place your stop loss 2-3 pips above the most recent resistance area.
- Close the sell trade for a fixed profit target of your preference.
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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 Multi_ATR_Bands.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