ATR Channels Indicator for MT4/MT5
Info
The ATR Channels Indicator for MT4/MT5 is a Indicator for MetaTrader 5 that atr channels indicatorthe atr channels indicator creates price movement channels based on the average true range (atr) technical indicator. It clearly identifies moments of trend acceleration and retardation, as well as overbought and oversold areas from the ATR perspective.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use ATR Channels Indicator for MT4/MT5
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
ATR Channels IndicatorThe ATR Channels indicator creates price movement channels based on the Average True Range (ATR) technical indicator.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Envelope SAR Indicator - another powerful indicator for MetaTrader 5 traders.
ATR Channels IndicatorThe ATR Channels indicator creates price movement channels based on the Average True Range (ATR) technical indicator. It clearly identifies moments of trend acceleration and retardation, as well as overbought and oversold areas from the ATR perspective.
Also recommended: B Bands Psar Indicator - similar indicator with strong performance on MetaTrader 5.
This indicator variant allows you to select the smoothing algorithm for the moving average from ten possible options:
- Simple Moving Average
- Exponential Moving Average
- Smoothed Moving Average
- Linear Weighted Moving Average
- JMA Adaptive Average
- Ultralinear Smoothing
- Parabolic Smoothing
- Tillson's Multiple Exponential Smoothing
- Smoothing using Tushar Chande's algorithm
- Smoothing using Perry Kaufman's algorithm
It is important to note that the phase parameter has a different meaning for different smoothing algorithms:
For JMA, it is an external phase variable ranging from -100 to +100.
For T3, it is a smoothing ratio multiplied by 100 for better visualization.
For VIDYA, it is a CMO period.
For AMA, it is a slow EMA period.
For AMA, the fast EMA period is a fixed value of 2 by default. The ratio of raising to the power is also 2 for AMA.
The indicator utilizes classes from the smoothalgorithms.mqh library. This library must be copied to the 'terminal_data_folder/mql5/include' directory.
This indicator was first implemented in MQL4 and published on 08.08.2006. This version is updated for MT5 and is compatible with MT4 and MT5 platforms.
You may also like: Smart Money Concepts Market Structure Indicator for MT5 - excellent alternative for indicator users on MetaTrader 5.
Source Code
/*
* for the indicator to work, place the
* smoothalgorithms.mqh
* in the directory: metatrader\\mql5\include
*/
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "1.00"
#property indicator_chart_window .......
⚠ Limitations & Risk Warning
- 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.