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ATR Projections

The ATR Projections indicator for MT4 displays ATR projections for future price movement. The ATR Projections Indicator is an easy to use and reliable tool for any Forex trader.

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Description

The ATR Projections indicator for MT4 is a volatility-based indicator used in the financial market to forecast the range of price movement. It calculates the average range between highs and lows of past price action based on the historical volatility of the instrument to project future price levels using the ATR values.

Unlike other regular ATR indicators, which plot two ATR levels above and below the price, this ATR indicator displays three levels above and below the price, depicting the possible price movement range of an instrument. Therefore, the ATR projections can help traders identify optimal zones to watch for potential trend reversals/continuation.

Features of the ATR Projections Indicator for MT4

The indicator displays the calculated ATR and projection on the chart. Besides, it is a chart-friendly indicator that works on multiple timeframes, which enables traders to identify the ATR projections across different time frames for better decision-making.

Benefits of Using the Indicator

  • Improves Decision Making: The ATR Projection indicator for MT4 enables traders to identify price ranges within which the market is likely to move. This helps traders anticipate certain movements in the market when the price approaches the projected ATR zones. For instance, traders may look for trend reversal opportunities when the price reacts to any of the levels. Besides, the projection levels are optimal zones for stop loss and take profits.
  • Improves Risk Management: The indicator is also a good trading tool for risk management. It helps traders identify the potential price range of an instrument to manage their risk. For example, traders can consider closing or trailing running positions when the price shows wick rejections at any projection level.

Indicator Settings Description

The indicator comes with the following customizable settings:

Level1: Color to display the first ATR projection level.

Level2: Color to display the second ATR projection level.

Level3: Color to display the third ATR projection level.

Style: Determines the ATR line style.

Width: Determines the line width of the ATR.

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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:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. 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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