How to Set ATR Indicator on MetaTrader 4 Charts - Adding MT4 ATR Chart Indicator
Step 1: Open the Navigator Window on Trading Platform
Open the Navigator panel like is shown & illustrated below: Go to the 'View' menu (click on it), then select 'Navigator' panel window (click), or From Standard ToolBar click the 'Navigator' button or press key board short cut keys 'Ctrl+N'
On Navigator window, choose & select 'Indicators', (Double Click)
How Do You Add ATR Indicator on the MT4 - MT4 ATR Indicator
Step 2: Expand the Indicators Menu on the Navigator - Adding ATR MT4 Chart Indicator
Expand this menu by clicking the enlarge button impress ' + ' or doubleclick the 'indicators' menu, afterwards the button will appear and be shown as (-) & will now display a list as is shown below - choose the ATR chart indicator from this list of indicators so that to add the ATR indicator on the chart.
How Do I Add ATR Indicator - From the Above window you as a trader can then place ATR indicator that you want on the chart
How to Set Custom ATR Indicator to MT4
If the indicator you want to add is a custom technical indicator - for example if the ATR indicator you want to add is a custom indicator you will need to first add this custom ATR indicator on the MetaTrader 4 software & then compile custom ATR indicator so that as the newly added ATR custom indicator pops up on the list of custom indicators in MetaTrader 4 software.
To learn how to install ATR indicators in MT4, how to add ATR indicator panel to MT4 and how to add ATR custom technical indicator in MetaTrader 4 Platform - How to add a custom ATR indicator in the MT4 Software.
About ATR Indicator Example Explained
Average True Range - ATR Technical Analysis & ATR Signals
Created and Developed by J. Welles Wilder
This indicator is an estimate of the volatility - it gauges the range of the price movement for a particular price period. The ATR is a directionless indicator & it does not determine/figure out the direction of the trend.
High ATR indicator values
High Average True Range values indicated market bottoms after a sell-off.
Low ATR readings
Low Average True Range values showed extended periods of sideways range-bound price movement - Price Range, like those found at market tops & consolidation periods. Low ATR indicator readings are typical for the periods of sideways range-bound movement of long time duration which happens and occurs at the top of the market and during consolidation.
Calculation
This technical indicator is calculated using the following:
- Difference between the current high & the current low
- Difference between previous closing price & the current high
- Difference between previous closing price and the current low
The final Average is calculated by adding these values and calculating the average.
Technical Analysis and How to Generate Trading Signals
ATR trading indicator can be analyzed/interpreted using the same principles as the other volatility trading indicators.
Possible trend change signal - The higher the value of the indicator, the higher the probability of a market trend change;
Measure of the trend momentum - The lower the indicator's value, the weaker the market trend move.
Technical Analysis in FX Trading
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