The Smooth ATR Trend Sniper Forex indicator for Metatrader 5 is a valuable trading tool that generates buy/sell signals based on the ATR trading method.
The indicator is composed of the Average True indicator with a smoothing factor.
It appears as an alternating colored signal line in the price chart.
Understanding the Smooth ATR indicator:
- A buy trend is in place when the line color is blue.
- A sell trend is in place when line color is red.
- The indicator is always active in the currency market.
The following indicator inputs and parameters can be modified: ATR period, ATR multi factor, smoothing period, and smoothing method.
Scalpers and day traders will benefit the most from this indicator during the most volatile trading sessions (London, New York).
Please make yourself familiar with this technical indicator and test it first on a demo account for an extended period.
It supports all time frames and Forex pairs.
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Smooth ATR Trend envelopes of averages.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Smooth ATR Trend Sniper indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Smooth ATR Trend Sniper Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the Smooth ATR blue line gets displayed in the price chart.
- Open a buy trade and place a stop loss order below the blue line.
- Exit the buy trade for a fixed take profit or reverse the trade when the red signal line appears in the chart.
Sell Signal
- A sell signal is given when the Smooth ATR red line gets displayed in the price chart.
- Open a sell trade and place a stop loss order above the red line.
- Exit the sell trade for a fixed take profit or reverse the trade when the blue signal line appears in the chart.
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Smooth ATR Trend envelopes of averages.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Smooth ATR Trend envelopes of averages.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration