Average True Range (ATR) Metatrader 4 Forex Indicator

The Average True Range indicator was developed by J. Welles Wilder.

The ATR indicator for Metatrader 4 measures volatility of any an currency pair or any other trading instrument that can be displayed on MT4.

The calculation of the indicator goes as follows:

Current ATR (value) = ((Prior ATR x 13) + Current TR)) / 14

This information is very useful if you want to look at how a currency pair’s volatility increases or decreases overtime.

Trades use the ATR for the placement of stop losses and to calculate take profit targets in a simply, yet effective way.

Free Download

Download the “ATR.mq4” MT4 indicator

The EUR/USD 5 Min chart below shows the Average True Range forex indicator in action.

Example Chart

Basic Trading Signals

The ATR indicator does not deliver any buy and sell forex trading signals, nor does it provide an indication of where the trend is heading to, up or down.

The ATR indicator is used to measure volatility and traders use this information for stop loss placement and the easy calculation of take profit targets.

Download

Download the “ATR.mq4” Metatrader 4 indicator

MT4 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: chart pattern indicator

Customization options: Variable (ATR Period: default period value = 14) Colors, width & Style.

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

Type: volatility

Installation

Copy and paste the ATR.mq4 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)

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