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ATR indicators for MT4

#1
Image

jeanlouie from another forum added a choice of display styles, for the original single line, arrow lines, and a single arrow at the start of each line.

This strategy was devised by Team Aphid.
It is a medium term, easy to trade system with a good win loss ratio.
It is traded using an indicator that is based on the ATR trailing stop.
Correct money management and risk is an extremely important factor in the success of using this system.
Attached you will also find the BAT arrow.mq4 indicator.

SET UP

1. During backtests, we used MT4 with Alpari data.
You can use any MT4 platform and data feed but due to variations between platforms and data feed.
Traders will get different signals as ATR lines-Prices/times etc on data feeds vary.
2. Use 1 Hour Chart and start with GBPUSD.
3. Put on the indicator BAT arrows.mq4. (Set the indicator parameters to ATR Period 5 and Factor to 4.0)
4. Insert on the chart the Fib retracement tool ( F and dotted lines button on toolbar.)
Once the fib lines are on the chart right,
click on the chart and go to ‘objects list’ and then
highlight the fib tool and click ‘edit’.
Go to the fibo level tab and enter or change the following.

Under:-
Level 0 Description ‘Swing’
Level 0.382 Description ’38.2 - 2 lots’
Level 0.618 ’61.8 - 1 lot’
Level 1 ‘Enter 1 lot’
Level 1.618 ‘161.8’

The Strategy

Entry

Our entry into a trade occurs when price breaks through the BAT line. If the current BAT is blue then price will be above it. As soon as price touches and breaks through the blue BAT we are going SHORT with one entry. It is a good idea to place a pending order at this BAT line to be sure not to miss the initial entry. Once price breaks through the blue BAT line then you will notice a red BAT line starting to form. It will not happen in the current time bar but will start to form at the close of the next time bar. The rules will be the reverse for a long trade.

Alerts

It is important to know when a trade is triggered as we then have to place pending orders. The MT platform has an alert facility in the terminal section. Please set this up to give you an alert as soon as price breaks through.

Simple Bat Trade

I will explain the simple BAT trade with the following example. See the chart 2.
Price was under the red BAT line from 22/12 and on 27/12 price breaks through the red BAT line at 9589.
We now place the fib lines on the chart. We draw the fib line from the trade entry point at 9589 to a recent or significant low. In this example I will draw the fib lines to the low of the bar 26/12 19.00 at 1.9511. See the chart.

Image

Once the trade has been triggered (we will call this entry ‘trade1’) we place pending orders in the following way. They will be LONG trades.
Pending order for trade 2 at the 61.8 level 1 lot, pending order for 2 contracts (trade 3 and 4 ) at the 38.2 level.
Our stop loss at this stage will be 10 pips below the most recent low (The low we drew the fib to) .
The strategy is to pick up more trades if price retraces to these levels. In the simple BAT trade price does not retrace…..it just zooms through.

See chart 3…it shows that price just continues to go north. Once the price hits the 161.8 level then you can cancel your pending orders.
(If price turns around from the 161.8 level then it is most likely a reversal of trend and we do not want to be adding more trades)

Image


Once the blue BAT line has started to form and once it passes our original stop we move our stop to the level of the blue BAT line and always keep it there.
The simple BAT exit for this trade is when price breaks through the blue BAT line and will give us entries to go SHORT.
BAT arrows.mq4
(6.14 KiB) Downloaded 77 times
BAT mql4 arrows edit.png
Bat01.gif
Bat02.gif


Re: ATR indicators for MT4

#2
Banzai wrote:
Tue Feb 11, 2020 1:13 pm
This strategy was devised by Team Aphid.
It is a medium term, easy to trade system with a good win loss ratio.
It is traded using an indicator that is based on the ATR trailing stop.
Correct money management and risk is an extremely important factor in the success of using this system.
Attached you will also find the BAT arrow.mq4 indicator.
Just out of curiosity, Can this strategy apply to similar indicators like the NRTR ATR or SuperTrend ATR? as long as the settings are the same... Period = 5 & Multiplier = 4

Re: ATR indicators for MT4

#3
Banzai wrote:
Tue Feb 11, 2020 1:13 pm
Image

jeanlouie from another forum added a choice of display styles, for the original single line, arrow lines, and a single arrow at the start of each line.

This strategy was devised by Team Aphid.
It is a medium term, easy to trade system with a good win loss ratio.
It is traded using an indicator that is based on the ATR trailing stop.
Correct money management and risk is an extremely important factor in the success of using this system.
Attached you will also find the BAT arrow.mq4 indicator.
Hi, not getting any red arrows or atr resistance lines on the BAT.mq4, have tried recompiling, any suggestions?
ps; didn't really want to quote the whole post above but have never worked out how to quote just a highlight, any suggestions? :)
a1.png

Re: ATR indicators for MT4

#4
Ogee wrote:
Sun Feb 16, 2020 12:15 am
Hi, not getting any red arrows or atr resistance lines on the BAT.mq4, have tried recompiling, any suggestions?
ps; didn't really want to quote the whole post above but have never worked out how to quote just a highlight, any suggestions? :)
In the Properties windows, maybe choose another color scheme.
BAT02.png

Re: ATR indicators for MT4

#5
Ogee wrote:
Sun Feb 16, 2020 12:15 am
Banzai wrote:
Tue Feb 11, 2020 1:13 pm
Image

jeanlouie from another forum added a choice of display styles, for the original single line, arrow lines, and a single arrow at the start of each line.

This strategy was devised by Team Aphid.
It is a medium term, easy to trade system with a good win loss ratio.
It is traded using an indicator that is based on the ATR trailing stop.
Correct money management and risk is an extremely important factor in the success of using this system.
Attached you will also find the BAT arrow.mq4 indicator.
Hi, not getting any red arrows or atr resistance lines on the BAT.mq4, have tried recompiling, any suggestions?
ps; didn't really want to quote the whole post above but have never worked out how to quote just a highlight, any suggestions? :)
Just for information the Bat arrows repaint and far as I know the Bat atr always repainted.


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