ATR Monitor — Daily, Weekly, and Monthly Range Comparison

Related: multi-timeframe indicator: daily, 4-hour, and 1-hour bars - another powerful indicator for MetaTrader 4 traders.

ATR Monitor compares the current daily, weekly, and monthly price ranges with the Average True Range (ATR). It provides insights into the size of each period's range relative to its ATR and the position of the current price concerning the period's opening price.

Also recommended: time out indicator: monitor quote delivery delays - similar indicator with strong performance on MetaTrader 4.

Panel Display

The panel consists of three rows, representing Day, Week, and Month. These timeframes are accessible on the current chart, regardless of its timeframe.


Table Explanation

Column

Meaning

Period

Daily, weekly, or monthly candle.

ATR

Built-in ATR for the specified timeframe, measured in pips.

Range

Difference between the current period's high and low, in pips.

ATR %

Percentage obtained by dividing the current range by ATR and multiplying by 100.

From open

Difference between the current price and the period's opening price, expressed in pips.

For instance, a daily range of 66 pips against a daily ATR of 60 pips results in an ATR % of 110%. Similarly, a weekly range of 144 pips against an ATR of 240 pips yields 60%, and a monthly range of 160 pips against an ATR of 400 pips gives 40%.

The ATR % calculation considers the full high–low range. 'From open' provides a separate direction measurement, with positive values in green and negative values in red. A value rounded to zero is neutral.

Values at or above MaxATRPercent are highlighted in amber. The default threshold is 100%. Adjusting this setting only affects highlighting; the displayed percentage remains uncapped.


Inputs

Input

Default

Purpose

ATRPeriod

14

ATR lookback applied independently to daily, weekly, and monthly data.

MaxATRPercent

100.0

Percentage threshold for amber highlighting.

PanelX

7

Horizontal position from the chart's upper-left corner, in pixels.

PanelY

30

Vertical position from the chart's upper-left corner, in pixels.

PanelXSize

400

Expanded panel width before scaling.

PanelYSize

146

Expanded panel height before scaling.

PanelScale

1.0

Panel and font scale, ranging from 0.5 to 3.0. Position offsets remain unchanged.

Colors

Dark theme

Background, border, text, direction, and threshold colors.

Click minus to minimize the panel and plus to restore it. Hover over the title or column headings for explanations of values and units.


Calculation and Updates

Prices and ATR are based on the current forming candle (shift 0) on each timeframe. The indicator loads values when attached and updates on incoming ticks. ATR values change as the current candle progresses and are not fixed references from the previous completed candle.

Period boundaries adhere to the broker's candles. Range measures high minus low, while ATR uses true range, including gaps relative to the previous close. A range above 100% ATR does not necessarily indicate an impending price reversal.

Pip conversion uses ten points per pip for three- and five-digit quotes and one point otherwise. Values display one decimal place. Other instruments may follow different pip conventions.

Unavailable data is shown as '--' and retried on later ticks. A zero ATR displays N/A for ATR %. Without incoming ticks, there is no automatic retry after history loading completes. Restoring the panel refreshes available values. Values are not updated while the panel is minimized.


Installation

Place AtrMonitor.mq4 in the terminal data folder under MQL4/Indicators, compile it in MetaEditor, refresh Navigator, and attach the indicator to a chart. No external libraries or DLLs are necessary.

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#property strict
#property version "1.00"
#property copyright "RobotFX"
#property description "This code is educational. Feel free to use, modify and upgrade as you wish. Visit ROBOTFX.ORG for professional trading tools"
#property indicator_chart_window
#property indicator_buffers 0
input int    ATRPeriod       = 14;
input double MaxATRPercent   = 100.0;
input int    PanelX          = 7;
input int    PanelY          = 30;

.......

• This tool is provided for educational and testing purposes only.
• Past performance does not guarantee future results.
• Trading involves substantial risk of loss. Use on a demo account first.
• Results may vary depending on market conditions, broker, and settings.
• We recommend thorough backtesting and forward testing before using with real funds.