AtrOver range indicator is a simple tool that displays traders the average true range (ATR) of any pair directly on a chart. Using this indicator, you will see the range expected for that pair from a statistical point of view.
Using AtrOver range indicator
The average true range implies 1 Daily ATR (14 periods) and is normal for a pair to reach it. In the example below, we have USDJPY with a Daily ATR of about 153 pips. Note, the range is higher than normal due to Brexit impact. First, a blue line represents daily ATR from a daily low. First red line represents daily ATR from a daily high. 2nd line is 1.25 ATR, then 3rd line is 1.5 ATR, 4th one is 1.75 ATR, and finally the 5th line is 2 ATR. The lines will move accordingly with new daily highs and lows.
Trade with AtrOver range indicator
The Forex AtrOver range indicator could be used in many possible ways. One of which is to expect market correction beyond the first ATR level. For example, an intraday trader could, therefore, set a take profit at 1 ATR to prevent market correction as investors take profits.
Alternatively, it could be considered to fade a move from 1.25, 1.5 ATR, or any other strong technical level, as the further the pair trades above 1 ATR the more likely it is to reverse, based on statistical calculations. To help not to miss the breakout of 1st ATR, you could use Forex alerts indicator. Note, fading the daily range requires strict management. Entering against a strong trend based on the statistical average does not guarantee success, especially if we have fundamental developments behind the move.
AtrOver range indicator download
To download your indicator use the “Download” button located at the bottom.
Create your custom indicator
If you would like to create your own custom indicator, please contact AtoZ team.
How do you install an indicator on MT4?
In order to install an indicator on MT4, you need to:
1. Click on Download button above;
2. Save the file to your computer;
3. Extract and move the .ex4 file into the following folder : meta traderexpertsindicators;
4. Restart your Metatrader platform;
5. Click the “Indicators” button in Metatrader toolbar;
6. Select “Custom”;
7. Search and select “NZ_AtrOver;
8. Adjust settings or press OK to add the indicator to your selected chart; This MT4 Forex tool has a set expiry data. To reactivate it later, please place a sent key file to MQLFilesAtoZ LicenseProduct Code
# Note: Forex daily AtrOver range indicator was developed by AtoZ Markets. AtoZ Markets carry copyrights over this trading tool.