ATR Bands indicator

Many traders will use ATR as a way to determine their stops. It usually works like this:

Stop loss for a short trade = high of last candle + ATR value
Stop loss for a long trade = low of last candle – ATR value

In order to make it easier to visually see where those stops would be, I’ve created an ATR bands indicator. This indicator will show an upper and lower band around the price, showing where you can put your stops (or trail them in open positions).

Since a picture is worth a thousand words, here is an example of how it looks:

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Daily ATR indicator

For a long time, I’ve been using Trader Dante’s daily ATR (or Datr) indicator. It’s a pretty helpful indicator that shows daily average volatility using the value of the ATR indicator when plotted on a daily chart.

These levels will give you a clue on how far the price has moved on that day. Often enough, you’ll even notice that these levels will actually be used as swing points, with the price moving into a level and then reversing. A beautiful example of this can be seen on the GBPUSD 1H chart above.

Recently, however, I wanted to add some extra features to it. So as a programming exercise, I set out to re-code it in MetaTrader 4. You can download the indicator below.

Update: I’ve now also created a TradingView version. You can find the indicator here.

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