If you're diving into the world of technical analysis, you’ve probably heard of the Average True Range (ATR). This nifty indicator was crafted by John Welles Wilder Jr., and you can find all the juicy details in his classic book, New Concepts in Technical Trading Systems [1978].
Now, what sets this ATR apart? Instead of the usual simple moving average (SMA), this indicator employs Wilder’s moving average, which is also known as the smoothed moving average (SMMA). This little tweak can make a big difference in your trading strategy. Plus, it uses a default period of 7, unlike the standard 14 seen in MetaTrader’s built-in ATR.
The code is designed for versatility and works seamlessly on both MQL4 and MQL5. For those of you who love to tinker, be sure to check out the “Public Projects” tab in MetaEditor, where you can find all my CodeBase publications under the name “FMIC”.
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