No Nonsense ATR
No Nonsense ATR is a tool designed to help the No Nonsense Forex Traders backtest strategies and trading in real time.
The indicator calculates the value of the Stop Loss and the Take Profit (SL/TP) based on the ATR (Average True Range) allowing to verify the historical data in a simple and practical way, showing not only the SL/TP values but also the place where they would be and if it was a gain or loss. The No Nonsense ATR also calculates the trading volume required for each trade according to the desired risk, using the SL and the account currency for the calculation thus giving a more accurate value.
Fillted ATR mode allows you to filter out extreme events that affect the ATR value, such as the flash crash of January 3, 2019. Extreme events are detected if the candle size is greater than the "STANDARD DEVIATION MULTIPLIER" * Standard deviation (sigma σ) + the average ATR. The average ATR is calculated for the number of candles placed in the input "SAMPLE SIZE". If an extreme event is detected the candle size value is replaced by the average ATR on that candle thus creating the filtered ATR.Live Mode:
The Live Mode is designed to make it easier to use the indicator when trading in real time. In this mode, the values of SL/TP and trading volume are always fixed to the most recent value. This mode can be activated in two ways: by clicking on the area without candles in the right part of the graph (another click to disable the live mode) or changing the input "LIVE MODE" to true.Trading Volume:
The No Nonsense ATR can be configured to show the trading volume, if you are using one of the 35 forex pairs (USD, EUR, GBP, CHF, AUD, CAD, NZD, JPY, SGD), by changing the input "SHOW TRADING VOLUME" to "ONLY ON LASTEST CANDLE" or "ALWAYS". This feature is especially for real-time trading and not for backtest with or without simulators because for the trading volume calculation uses the current account value (balance, equity free margin or fixed value) and does not check the past value or the simulator accounts balance. You can choose between account balance, account equity, account free margin or a fixed amount. If you choose a fixed value, fill in the "ACCOUNT_FIXED_VALUE" input with the desired value.
It is possible to select the currency of your account making the calculation of trading volume more precise. If you select "COUNTER CURRENCY" then the calculation is made with the account basse currency equal to the counter currency of the pair you are trading. If you select one of the currencies you have to enter the suffix and/or the prefix of the other forex symbols in the "CUREENCY_SUFFIX" and "CUREENCY_PREFIX" respectively. For example: if the names of the forex pairs are "GBPUSDpro", "EURUSDpro" Put the word "pro" in the input "CUREENCY_SUFFIX".
You can select the trading volume value resolution up to 5 decimal places in the input "TRADING VOLUME RESOLUTION". The AUTO option sets the automatic resolution according to the trading account settings.Simulators:
The No Nonsense ATR has been tested on the Soft4FX and FXBlue simulators and can be used together with the No Nonsense ATR without any problem. However, if the simulators stop at the opening of the candle then the result of the SL/TP and Trading volume will include the value of the candle newly opened for the calculations. To display the values of the SL/TP and the Trading volume of the previous candle on the most recent candle just put the value 1 in the "SHIFT" input.
Please feel free to comment, report issues, or contribute!
Contact me by email: email@example.com or in the No Nonsense FOREX Discord (English ou em Portugues)
Thanks to the No Nonsense FOREX Discord community for the suggestions to improve the No Nonsense ATR.
Thank you VP for everything. Check the No Nonsense Forex strategy at: nononsenseforex.comDeveloped by Rui Silva (rpsreal), Portugal
Improved the way errors are shown to the user.