Mastering Intraday Trading with the Attention Level Indicator for MetaTrader 5

As an intraday trader with a couple of years under my belt, I understand how crucial it is to accurately predict price movements within a single day. A wrong call on intraday price direction can lead to disappointing results, even if you've got a solid money management strategy in place. And let me tell you, stringing together a few of those bad days can really mess with your head. It’s a psychological game, and the pressure can be intense. That’s why, throughout my trading journey, I've had to get creative in developing methods to tackle these challenges. Today, I want to share one of my favorite ideas with you.

Introducing the Attention Level Indicator! This simple tool places a horizontal level on your chart that can help you stay on track. So, what exactly is this level, and how do I calculate it? It’s straightforward — I take a 10-day average of the ATR (Average True Range) indicator on a daily timeframe. If the previous day’s price was on the upswing, I subtract the ATR value from the day’s high. Conversely, if the price was falling, I add the ATR value to the day’s low. Then, I draw a horizontal line at one of these calculated points.

Now, when I'm trading in an uptrend and the price dips below this attention level, I halt all trading activity. At that point, it's clear that the market situation has shifted, and it no longer aligns with my initial trade plan. I don’t want to risk losing money by buying into a potential trend reversal or during a correction phase.

This simple concept has saved me a lot of cash on stop orders that would have triggered if I hadn’t utilized this indicator.

Intraday chart of the RTS index futures contract and the attention level.

Fig.1. Daily chart of the RTS index futures contract and the attention level

H1 chart of the RTS index futures contract and the attention level.

Fig.2. H1 chart of the RTS index futures contract and the attention level

The code behind this indicator is pretty simple. I used the CList and CObjectHLine classes from the Standard Library to quickly create and manage the graphical objects.

Pro Tips:

If you predicted an uptrend but the price dips below the attention level, it’s time to stop trading and reassess your trade plan. Hold off on any further buying.
If you anticipated a downtrend and the price moves above the attention level, pause trading and revisit your strategy. Avoid making any more sales.

Indicator Settings:

ATR_maPeriod — This is the averaging period for the ATR indicator (default is 10 days).
LevelColor — The color of the level line (default is red).
LevelStyle — The style of the level line (default is solid).
LevelWidth — The thickness of the level line (default is 1).

Mastering Intraday Trading with the Attention Level Indicator for MetaTrader 5

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