ATR MULTI SYMBOLS
Volatility value can be used as an additional criterion for selecting a financial instrument for trading. The Average True Range (ATR) indicator can be used for visualization of this value. If your trading system shows good testing results on financial instruments in a high volatility period, then the ATR MULTI SYMBOLS indicator for the MetaTrader 5 trading terminal will be useful as it allows visually evaluating and selecting the symbols with the maximum volatility at the moment.
In the indicator parameters there is a possibility to set the number of the last values of the indicator for displaying, the indicator period, names of the financial instruments (up to five symbols, the sixth symbol is in the chart) and the values of the horizontal levels for displaying (total six levels, but you can install additional ones into the indicator subwindow, if six levels are not enough).
The list of the ATR MULTI SYMBOLS indicator external inputs:
- Number Of Bars - number of the last values of the indicator for displaying. Default value is 1000.
- Indicator Period - period of the Average True Range (ATR) indicator. Default value is 14.
- Symbol 01 - second financial instrument. Default value is GBPUSD.
- Symbol 02 - third financial instrument. Default value is AUDUSD.
- Symbol 03 - fourth financial instrument. Default value is NZDUSD.
- Symbol 04 - fifth financial instrument. Default value is USDCAD.
- Symbol 05 - sixth financial instrument. Default value is USDCHF.
- Level 01 - first horizontal level. Default value is 10.
- Level 02 - second horizontal level. Default value is 50.
- Level 03 - third horizontal level. Default value is 100.
- Level 04 - fourth horizontal level. Default value is 200.
- Level 05 - fifth horizontal level. Default value is 400.
- Level 06 - sixth horizontal level. Default value is 600.
After loading the indicator on a chart, a subwindow will be added into the chart window. The subwindow will display the panel consisting of nine buttons and the volatility of six selected symbols.
The first six buttons to the right display the names of symbols specified in the settings. The very first symbol to the right is the current one - the one that is displayed in the chart at the moment. Each button (the name of the symbol) has its color that corresponds to the color of the indicator line.
If the symbols specified in the indicator external parameters exist on the server, they will be added to the Market Watch window (Market Watch), if they are not there already. If any of the symbols is missing or its name is specified incorrectly, then the button corresponding to the symbol will be empty (untitled). All buttons are clickable. That is, if you press a button with the symbol name, the indicator line will become thicker and the background of the button will become darker.
There are three buttons with additional features coming after the buttons with the symbol names:
- The blue button "F" shades indicator lines that are not selected at the moment.
- The red button "S" shows the informational panel in the subwindow. The panel is described below.
- The button of hiding/showing ">>" minimizes the panel with the buttons. As a result, only this button is left on the chart, and it is changed to "<<".
If you click the "S" button, the informational panel will be opened on the left side of the indicator subwindow. Together with it two horizontal levels will appear. Their purpose is described below.
The following information is displayed on the panel:
- Number of Bars - number of calculated values of the indicator displayed in the chart. It corresponds to the value set in the external parameters.
- Indicator Period - period of the indicator. It corresponds to the value set in the external parameters.
- Top Level - value of the upper (red) level.
- Bottom Level - value of the lower (blue) level.
All the following values display the number of indicator values of each specified symbol between the upper (red) and the lower (blue) levels, what can help you select the symbols that often appear in the high volatility zone for testing of your trading systems. When the levels are moved, the values on the panel update immediately.
It is also worth noting that when switching timeframes on the chart the indicator may become unavailable for displaying for some time. It will last for as long as the historical data is being downloaded from the server. If the data is already downloaded and all timeframes are synchronized (synchronization in MetaTrader 5 is automatic), there won't be long delays.
You can also see this description with screenshots on my site: The ATR MULTI SYMBOLS multi-symbol volatility indicator.
Write your comments and I will consider them when updating the indicator in future.
You can also watch the video demonstrating how to use the ATR MULTI SYMBOLS indicator.