How to Add ATR Indicator on MetaTrader 4 Charts - Adding MT4 ATR Forex Chart Indicator
Step 1: Open Navigator Window on FX Trading Platform
Open Navigator window as shown & illustrated below: Go to 'View' menu (click on it), then select 'Navigator' window (click), or From Standard Tool Bar click the 'Navigator' button or press keyboard short cut keys 'Ctrl+N'
On Navigator window, choose 'Indicators', (Double-Click)
How to Add ATR Indicator on MetaTrader 4 - MT4 ATR Indicator
Step 2: Expand the Indicators Menu on the Navigator - Adding ATR MT4 Chart Indicator
Expand the menu by clicking the expand button marker (+) or double click the 'indicators' menu, after this the button will appear as (-) and will now display a list as shown below - select the ATR forex chart indicator from this list of forex indicators so as to add the ATR forex indicator on the forex chart.
How to Add ATR Indicator - From the Above window you can then place ATR indicator that you want on the Forex chart
How to Add Custom ATR Indicator to MT4
If the technical indicator you want to add is a custom indicator - for example if the ATR technical indicator you want to add is a custom indicator you will need to first add this custom ATR indicator on the MT4 platform & then compile custom ATR indicator so that 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 on MT4, how to add ATR indicator window to MT4 and how to add ATR custom indicator in MT4 - How to add a custom ATR forex indicator in MetaTrader 4.
About ATR Technical Indicator Explained
Average True Range - ATR Technical Analysis and ATR Signals
Developed by J. Welles Wilder
This indicator is a measure of volatility - it measures the range of price movement for a particular price period. The ATR is a directionless indicator and it does not determine the direction of the Forex trend.
High ATR values
High Average True Range values indicated market bottoms after a sell off.
Low ATR values
Low Average True Range values showed extended periods of sideways price movement- Price Range, such as those found at market tops and consolidation periods. Low ATR values are typical for the periods of sideways movement of long duration which happen at the top of the market and during consolidation.
Calculation
This technical indicator is calculated using the following:
- Difference between the current high and the current low
- Difference between the previous closing price & the current high
- Difference between the previous closing price and the current low
The final Average is calculated by adding these values & calculating the average.
FX Technical Analysis & How to Generate Signals
Average True Range indicator can be analyzed using the same principles as other volatility technical indicators.
Possible trend change signal - The higher the value of the indicator, the higher the probability of a trend change;
Measure of trend momentum - The lower the indicator’s value, the weaker the trend movement.
Technical Analysis in FX Trading
