The ATR Stop Loss line Forex indicator for Metatrader 5 is a trading tool that provides suggested stop loss levels for both buy and sell trades.
The indicator draws a red and blue colored stop loss line on the chart based on Average True Range technical indicator.
How to use it?
- For buy trades, place your stop loss below the red colored ATR stop loss line.
- For sell trades, place your stop loss above the blue colored ATR stop loss line.
- Use it in conjunction with an existing Forex strategy or system.
Please make yourself familiar with this technical indicator and test it first on a demo account for an extended period.
The ATR Stop Loss line indicator works for all possible time frames and trading instruments supported by the MT5 trading platform.
Configurable parameters and input settings: ATR period, target.
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StopATR_auto.mq5 Indicator (MT5)
Chart Example
The following chart shows what the ATR Stop Loss line Forex indicator looks like when applied to the MT5 chart.
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StopATR_auto.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 StopATR_auto.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