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2012.04.11 06:21

ATR Channel - indicator for MetaTrader 4

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votes: 3
ATRChannel.mq4 (2.69 KB)view

This indicator draws an ATR envelope surrounding price action and assists you in setting proper stoploss and take profit levels.

The envelope can be drawn using median price if desired, resulting in a narrower envelope.

Input parameters:

  • CalculateOnBarClose decides if current unclosed bar is ignored
  • UseMedianPrice decides if the median price is used to draw the envelope, instead of highs and lows.

An improved version of the standard Moving Average indicator, now on the hourly timeframe, you can see moving averages of higher timeframes.

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