Discussing the article: "MQL5 Wizard Techniques you should know (Part 44): Average True Range (ATR) technical indicator"
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Check out the new article: MQL5 Wizard Techniques you should know (Part 44): Average True Range (ATR) technical indicator.
The ATR oscillator is a very popular indicator for acting as a volatility proxy, especially in the forex markets where volume data is scarce. We examine this, on a pattern basis as we have with prior indicators, and share strategies & test reports thanks to the MQL5 wizard library classes and assembly.
The Average True Range is a common and popular volatility indicator, which arguably, for forex traders, is the ‘closest-thing’ to volume data. Developed as an indicator which was meant to track price bar range without skimping on intra-bar price changes, it has become a bit of a stalwart in the industry not just for filtering entry signals but also in guiding on position sizing. We look at this indicator by decomposing it into possible patterns as we have been doing with the previous indicator’s articles with perhaps the main difference being we look into patterns outside of the custom signal class by also considering the custom money management class for wizard assembled Expert Advisors.
Before we get into that though, we will wrap up the indicator we had started last, the ADX.
Author: Stephen Njuki