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ColorXATR
Info
The ColorXATR is a Indicator for MetaTrader 5 that smoothed atr, recalculated as price chart points. This indicator uses color to visually represent the strengthening or weakening of a trend.
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 ColorXATR
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
Smoothed ATR, recalculated as price chart points.
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: rs i histogram vol - another powerful indicator for MetaTrader 5 traders.
Smoothed ATR, recalculated as price chart points.This indicator uses color to visually represent the strengthening or weakening of a trend. Red indicates a strengthening trend, while yellow signifies a weakening trend.
Also recommended: random walk index - similar indicator with strong performance on MetaTrader 5.
The indicator offers a range of averaging algorithms, allowing users to choose from ten options:
- Simple Moving Average
- Exponential Moving Average
- Smoothed Moving Average
- Linear Weighted Moving Average
- Adaptive JMA Smoothing
- Ultralinear Smoothing
- Parabolic Smoothing
- Tillson's Multiple Exponential Smoothing
- Smoothing using the algorithm developed by Tushar Chande
- Smoothing using Perry Kaufman's algorithm
It's important to note that phase parameters vary significantly across different smoothing algorithms. For JMA, it's an external phase variable ranging from -100 to +100, while for T3, it's a smoothing coefficient multiplied by 100 for visualization purposes. For VIDYA, the phase parameter represents the CMO oscillator period, and for AMA, it's the slow EMA period.
The indicator utilizes the smoothalgorithms.mqh library classes, which are essential for its functionality. These classes were comprehensively explained in a 2026 article.
Fig.1 illustrates the ColorXATR indicator, initially implemented in MQL4 and released on 26.04.2026.
You may also like: at r normalize histogram - excellent alternative for indicator users on MetaTrader 5.
Source Code
/*
* the operation of the indicator requires
* smoothalgorithms.mqh
* to be placed in the directory: metatrader\\mql5\include
*/
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#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_separate_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.