Our custom developed Forex ATR Bands Indicator. The average true range (ATR) is a technical analysis indicator that measures market volatility by decomposing the entire range of an asset price for that period. Specifically, ATR is a measure of volatility.
Explained ATR Indicator
The true range indicator is taken as the greatest of the following: current high less the current low; the absolute value of the current high less the previous close; and the absolute value of the current low less the previous close. The average true range is then a moving average, generally using 14 days, of the true ranges.
- Average true range (ATR) is a technical indicator measuring market volatility.
- It is typically derived from the 14-day moving average of a series of true range indicators.
- It was originally developed for use in commodities markets but has since been applied to all types of securities.
Feel free to use this indicator together with our other technical indicators (oscillators, momentum) or price action methods to maximize your trading accuracy.
The EUR/GBP 15 minute chart below displays the Forex ATR Bands Indicator in action.
Copy and paste the Forex ATR Bands Indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove Indicator from your Metatrader Chart?
- Select the Chart where is the Indicator running in your Metatrader 4 Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete