The XO ATR indicator, which I will tell today, is an optimized version of the popular ATR market analysis tool. Making some changes to its algorithm made it possible to increase the efficiency of the indicator. It forms more accurate signals. The indicator is displayed in a separate window as two colors columns.
The XO ATR indicator file should be placed in the corresponding MT4 directory folder.
As for the settings in the settings, then, at first glance, it may seem that they are very lot. However, only some of the parameters are important for trading.
First of all, this is a variable history. Here you need to specify how the number of candles the indicator should take into account in its calculations.
Re-Paint-MTF is designed to enable or disable the display of readings on all the time intervals available in the trading terminal.
Time-Frame – here we prescribe a timeframe that will be used in trading.
and the last parameter that matters is an ATR-Period. How easy it is to guess, this variable is used to specify the ATR period.
The remaining parameters in the settings of the indicator are used to select colors, as well as ways to notify the trader about the formation of the situation in the market, which is favorable to open the trade order.
Trade Rules for Indicator XO ATR
Condition for opening a transaction is very simple. We pay attention to the color of the indicator columns and their location relative to the zero line.
if it appeared The column, painted in red, and it is below the zero level, then it means that you can consider the opening of the transaction for sale.
If the price graph shows a blue column, which is above the zero level, then you can make a decision on the opening of the purchase order.
To facilitate the perception of signals on the price chart, the red and blue arrows are additionally displayed depending on the direction of the signal.
Changing the color of the columns can be used And for the closure of previously open orders.
Despite the simplicity of this indicator, you should not immediately begin to apply it in real trading. First you need to test the work of XO ATR on the demo account.
In addition, I recommend to choose another tool to filter the incoming signals. This also needs to be done on the demo score.
XO ATR file can be downloaded from this link:
XO ATR AA7 MTF TT
Recording Indicator XO ATR for Trading Terminal MT4 first appeared forex-for-you.ru.