The indicator calculation is based on the analysis of the price characteristics of bars and is adjusted by the ATR value. The degree of the ATR influence is determined by the ratio. The color scheme of the indicator depends on the direction of the current trend. A change in the trend is displayed by an arrow and a corresponding message. Depending on the strategy chosen by the trader, this indicator can be used to generate market entry signals, to place stop loss or close trades, and can also be used as a filter. One of the possible strategies based on the indicator is implemented in the FW ATR plus EA.
The signal is generated at the closing of the current bar and is not redrawn.
- ATR - Period;
- kATR - ATR influence ratio;
- ShowBars - the number of bars to display the indicator on the chart;
- iAlert - if true, output messages.