Buy and Sell ATR - Indicator Ver 1.1
Setfiles can be downloaded below.
Detailed Settings Description
The Buy and Sell ATR Indicator offers a wide range of customizable parameters to tailor its performance to your trading style. Below is a comprehensive breakdown of each setting:
ATR Settings
- ATR Period (Default: 14)
Defines the number of bars used to calculate the Average True Range (ATR), which determines the width of the trend bands. Smaller values increase sensitivity, while larger values smooth out volatility. - ATR Multiplier (Default: 3.0)
Multiplies the ATR value to set the distance of the upper and lower bands from the median price. Higher values widen the bands, reducing signals but filtering noise. - Candle Shift (Default: 3)
Specifies the number of consecutive candles that must close above (for buy) or below (for sell) the trend line to confirm a signal. Increase this for stronger confirmation, reducing false signals.
Flat Threshold Settings
- Average ATR Period (Default: 500)
Sets the lookback period for calculating the average ATR, used to establish a dynamic flat market threshold. Longer periods provide a more stable baseline. - Flat Threshold Fraction (Default: 0.8)
A fraction (0.0 to 1.0) of the average ATR that defines the minimum volatility required for signals. If the current ATR falls below this threshold, signals are suppressed to avoid flat market noise.
Alert/Notification Settings
- Enable Alerts (Default: True)
Toggle pop-up alerts in MT5 for new buy/sell signals, displaying entry, TP, and SL prices. - Enable Notifications (Default: False)
Activate push notifications to your mobile device and play a sound ("alert.wav") when signals occur, keeping you informed on the go.
RSI Confirmation Settings
- RSI Period (Default: 14)
Sets the period for the Relative Strength Index (RSI) calculation, used as an optional signal filter. Adjust to match your preferred momentum sensitivity. - RSI Buy Level (Default: 50.0)
The RSI value above which a buy signal is confirmed (if RSI confirmation is enabled). Higher values ensure stronger bullish momentum. - RSI Sell Level (Default: 50.0)
The RSI value below which a sell signal is confirmed. Lower values confirm bearish momentum. - Use RSI Confirmation (Default: True)
Enable or disable RSI filtering for signals. When off, signals rely solely on price action and ATR.
Arrow Customization
- Buy Arrow Color (Default: clrDodgerBlue)
Choose the color for buy signal arrows. - Buy Arrow Code (Default: 233)
Select the Wingdings symbol code for buy arrows (233 = upward arrow). - Sell Arrow Color (Default: clrRed)
Set the color for sell signal arrows. - Sell Arrow Code (Default: 234)
Choose the Wingdings symbol code for sell arrows (234 = downward arrow).
Buffer Settings
- Buy Signal Buffer Number (Default: 1)
Defines the buffer index for buy signals, allowing external EAs to access them. - Sell Signal Buffer Number (Default: 2)
Sets the buffer index for sell signals for EA integration.
Take Profit/Stop Loss Settings
- Multiplier TP (Default: 3.0)
Multiplies the ATR to calculate the Take Profit level from the entry price. Higher values target larger profits. - Multiplier SL (Default: 1.0)
Multiplies the ATR to set the Stop Loss level. Adjust to balance risk and reward.
Display Settings
- Enable Display (Default: True)
Toggle the on-screen panel showing the latest signal, entry price, TP, and SL levels. - Display X Distance (Default: 20)
Sets the horizontal position (in pixels) of the display panel from the chart’s left edge. - Display Y Distance (Default: 100)
Sets the vertical position (in pixels) of the display panel from the chart’s top edge.
Instructions for Adjusting Settings for Different Currency Pairs
The "Buy and Sell ATR Indicator" is highly customizable, allowing you to optimize its performance for various currency pairs, including XAUUSD (Gold) and BTCUSD (Bitcoin), based on their volatility, trend behavior, and market conditions. Follow these steps to adjust the settings effectively:
1. Understand Your Currency Pair
- High Volatility Pairs (e.g., GBP/JPY, XAUUSD, BTCUSD): These assets experience large price swings, requiring wider bands and stricter confirmation to filter noise.
- Low Volatility Pairs (e.g., EUR/CHF, USD/CAD): These pairs move steadily, so tighter bands and fewer confirmation candles may suffice.
- Trending Pairs (e.g., USD/JPY, XAUUSD): Favor settings that emphasize trend-following signals.
- Ranging Pairs (e.g., EUR/USD): Adjust to avoid false signals in sideways markets.
2. Adjust ATR Settings
- ATR Period: Use 10–12 for fast-moving assets like BTCUSD or GBP/USD. Increase to 20–25 for slower pairs (e.g., EUR/GBP) or trending assets like XAUUSD.
- ATR Multiplier: Increase to 4.0–5.0 for volatile assets like XAUUSD and BTCUSD. Decrease to 2.0–2.5 for low-volatility pairs.
- Candle Shift: Use 4–5 for noisy assets (e.g., BTCUSD, GBP/JPY). Reduce to 2 for stable pairs.
3. Fine-Tune Flat Threshold Settings
- Average ATR Period: Reduce to 200–300 for BTCUSD; use 500–1000 for XAUUSD or stable pairs.
- Flat Threshold Fraction: Lower to 0.6–0.7 for ranging pairs (e.g., EUR/USD); increase to 0.9–1.0 for trending assets like XAUUSD or BTCUSD.
4. Configure RSI Confirmation
- RSI Period: Use 7–10 for BTCUSD; increase to 20 for XAUUSD.
- RSI Buy/Sell Levels: Set 55–60/40–45 for trending assets (e.g., XAUUSD); keep at 50 for BTCUSD or ranging pairs.
- Use RSI Confirmation: Disable for BTCUSD if price action suffices; keep enabled for XAUUSD.
5. Set Take Profit and Stop Loss Levels
- Multiplier TP: Increase to 5.0–6.0 for XAUUSD and BTCUSD; reduce to 2.0–2.5 for low-volatility pairs.
- Multiplier SL: Adjust to 2.0–3.0 for XAUUSD and BTCUSD; keep at 1.0 or lower for stable pairs.
6. Recommended Settings Table
Below are suggested settings for popular pairs/assets on a daily (D1) timeframe. Adjust based on your timeframe and testing:
| Pair/Asset | ATR Period | ATR Multiplier | Candle Shift | TP Multiplier | SL Multiplier | RSI Period | RSI Buy/Sell | Flat Threshold | RSI Confirmation |
|---|---|---|---|---|---|---|---|---|---|
| GBP/JPY | 12 | 3.5 | 4 | 4.0 | 1.5 | 14 | 60/40 | 0.9 | On |
| EUR/USD | 14 | 2.5 | 3 | 3.0 | 1.0 | 14 | 50/50 | 0.7 | On |
| USD/JPY | 20 | 3.0 | 3 | 3.5 | 1.2 | 20 | 55/45 | 0.9 | On |
| XAUUSD | 20 | 4.5 | 4 | 5.0 | 2.0 | 20 | 60/40 | 0.9 | On |
| BTCUSD | 10 | 5.0 | 5 | 6.0 | 3.0 | 10 | 50/50 | 1.0 | Off |
7. Customize Display and Alerts
- Enable Display/Alerts: Keep enabled for manual trading. Adjust X/Y Distance for visibility, especially on BTCUSD’s fast charts. Use notifications for XAUUSD.
- Arrow Customization: Set colors for clarity (e.g., contrast for XAUUSD’s gold background).
8. Test and Optimize
- Steps:
- Apply settings to a demo account for your pair/asset.
- Backtest in MT5’s Strategy Tester over 3–6 months.
- Tweak settings for accuracy and risk-reward.
- Monitor live and adjust as needed (e.g., BTCUSD volatility spikes).
Tips
- Start with table values and refine based on performance.
- Use lower ATR Period for shorter timeframes (e.g., M5 for BTCUSD) and higher for longer ones (e.g., H4 for XAUUSD).
- Revisit settings during high-impact events (e.g., XAUUSD during economic news, BTCUSD during crypto market shifts).
Files:
