The Volty Channel Stops with Smooth ATR indicator for Metatrader 5 attempts to provide profitable trading signals based on the smoothed ATR method.
ATR stands for Average True Range.
In my opinion, the indicator works the best for scalpers and day traders looking to take advantage of the shorter-term trends.
How to trade with this valuable trading tool?
- The blue colored line shows a buy trend.
- The brown colored line shows a sell trend.
The following indicator inputs and parameters can be modified: smooth ATR period, smooth ATR multiplier, smoothing period, smoothing method, price, money risk.
The London and New York trading sessions will work the best for this indicator when applied to the M5, M15 and H1 trading charts.
It works for Forex, Stocks, Indices, Gold, Bitcoin, etc.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
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The following chart shows how the Volty Channel Stops with Smooth ATR indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Volty Channel Stops With Smooth ATR Indicator?
Find a simple trading example below:
- The start of the blue colored Volty Channel Stops line is a buy signal.
- Initiate a long trade and place the initial stop loss below the blue line.
- Exit the buy trade for a fixed profit target or wait for a trend reversal signal (brown indicator line).
- The start of the brown colored Volty Channel Stops line is a sell signal.
- Initiate a short trade and place the initial stop loss above the brown line.
- Exit the sell trade for a fixed profit target or wait for a trend reversal signal (blue indicator line).
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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 Volty channel stops – smooth ATR.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