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Re: MT4 Indicator requests and ideas

#8041
naluvs01 wrote:
Sat Jan 11, 2020 3:11 am
Flavio Esteves wrote:
Sat Jan 11, 2020 1:49 am
Hi All! I'm new here, glad to join! Does anyone have experience with average true range (ATR) indicators? If yes, are they any useful? Some traders swear by it, but I'm skeptic about indicators in general.
Welcome to the group. The ATR shows the average pips within a certain amount of days (default is 14). I use it to set my TPs when my system gives me a signal. One strategy some trades have employed is to set their TP at ATR and SL at 1.5 ATR. If your algo is tight, you should win more than you lose. However, under that strategy, 2 losses would wipe out 3 winners.

Also, you have to determine what trader you are. I believe traders fall into 2 categories: Trader 1 - many wins with small losses/short targets. Trader 2 - many small losses/huge wins which erase all losses. Trader 1 - increases their account, percentage wise, every trade. Trader 2 - increase their account dramatically because they are going for long runs. Trader 2 - are the guys that have 3:1 targets.

Back to the subject, the ATR is a great starting point to get a feel of how many pips and/or volatile a currency pair can be. Hope this helps.
Very helpful, thanks a lot! Does it make sense to test it on a demo? And do you know any places I can buy it from?


Re: MT4 Indicator requests and ideas

#8045
Deez wrote:
Tue Jan 14, 2020 6:29 pm
mrtools wrote:
Mon Jan 13, 2020 12:35 pm


Mtf added.
Hi MrTools,

Was testing this indi and noticed this(pic attached)

It was set to 5min MTF..changed after chart refresh.

Is the yellow bars suppose to do that?
Yeah probably should not have added mtf to that version looks like it has problems.


Re: MT4 Indicator requests and ideas

#8047
Flavio Esteves wrote:
Tue Jan 14, 2020 9:08 pm
naluvs01 wrote:
Sat Jan 11, 2020 3:11 am


Welcome to the group. The ATR shows the average pips within a certain amount of days (default is 14). I use it to set my TPs when my system gives me a signal. One strategy some trades have employed is to set their TP at ATR and SL at 1.5 ATR. If your algo is tight, you should win more than you lose. However, under that strategy, 2 losses would wipe out 3 winners.

Also, you have to determine what trader you are. I believe traders fall into 2 categories: Trader 1 - many wins with small losses/short targets. Trader 2 - many small losses/huge wins which erase all losses. Trader 1 - increases their account, percentage wise, every trade. Trader 2 - increase their account dramatically because they are going for long runs. Trader 2 - are the guys that have 3:1 targets.

Back to the subject, the ATR is a great starting point to get a feel of how many pips and/or volatile a currency pair can be. Hope this helps.
Very helpful, thanks a lot! Does it make sense to test it on a demo? And do you know any places I can buy it from?
The ATR is included in MT4. It's free. Go to Youtube.com and watch vids concerning how to use it. A great place to start on youtube is nononsense forex. He has a lot of great content.


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