The ATR Channel Indicator is a free and popular Forex trading indicator for the MetaTrader 4 (MT4) platform. This useful indicator helps traders to identify the range of market volatility, enabling them to better time their trades and manage their risk. The ATR Channel Indicator is based on the Average True Range (ATR) indicator. It measures the volatility of the market and shows the current range of price action. The ATR Channel Indicator displays two lines: an upper line and a lower line. The upper line is calculated by adding the ATR value to the previous period’s high, while the lower line is calculated by subtracting the ATR value from the previous period’s low. This creates a channel around the price action and can help traders identify support and resistance levels. The ATR Channel Indicator can be used to identify entry and exit points in the market. Traders can use the upper and lower lines of the indicator to identify potential buy and sell signals. When the price action moves outside of the channel, it can be an indication of a potential reversal. Traders can also use the ATR Channel Indicator to set stop-loss and take-profit levels. With its ability to identify potential entry and exit points, the ATR Channel Indicator is a popular choice among traders.
MT4
ATR Channel
The ATR Channel Forex Indicator is a highly useful and popular tool among Forex traders. It works by combining the Average True Range (ATR) with a moving average in order to create an upper and lower channel. The ATR Channel Indicator is an excellent tool for both short-term and long-term traders, and it can be used in combination with other indicators for more accurate analysis.
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How to Install
How install MT4/5 indicator in the terminal?
To install an MT4/5 indicator in the terminal, follow these steps:
Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.
Open the MT4/5 terminal and click on “File” in the top left corner.
Select “Open Data Folder” from the dropdown menu.
In the window that opens, double-click on the “MQL4/5” folder.
Double-click on the “Indicators” folder.
Drag and drop the indicator file from your computer into the “Indicators” folder.
Close the data folder window and restart the MT4/5 terminal.
The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.
Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.
And if asks to confirm DLL?
If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.
DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.
If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.
It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.
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