If you're looking to enhance your trading strategy, the 'Multi ATR Bands' indicator for MetaTrader 5 is a fantastic tool to consider. This nifty indicator features three ATR Bands, each with customizable settings to fit your trading style.
Here’s a quick rundown of what you can adjust:
- Show Middle Lines - Toggle the visibility of the middle ATR Band (Yes/No)
- Show First ATR Bands - Display the first ATR Bands (Yes/No)
- First ATR Period - Set the ATR calculation period for the first ATR Bands
- First MA Period - Define the MA calculation period for the first ATR Bands (middle line)
- First MA Type - Choose the MA type for the first ATR Bands
- First Applied Price - Select the price for MA calculation on the first ATR Bands
- First Bands Multiplier - Set the ATR multiplier for the first ATR Bands
- Show Second ATR Bands - Display the second ATR Bands (Yes/No)
- Second ATR Period - Set the ATR calculation period for the second ATR Bands
- Second MA Period - Define the MA calculation period for the second ATR Bands (middle line)
- Second MA Type - Choose the MA type for the second ATR Bands
- Second Applied Price - Select the price for MA calculation on the second ATR Bands
- Second Bands Multiplier - Set the ATR multiplier for the second ATR Bands
- Show Third ATR Bands - Display the third ATR Bands (Yes/No)
- Third ATR Period - Set the ATR calculation period for the third ATR Bands
- Third MA Period - Define the MA calculation period for the third ATR Bands (middle line)
- Third MA Type - Choose the MA type for the third ATR Bands
- Third Applied Price - Select the price for MA calculation on the third ATR Bands
- Third Bands Multiplier - Set the ATR multiplier for the third ATR Bands
For each of the three ATR Bands, you can select from various types of Moving Averages:
- Simple - Simple Moving Average
- Exponential - Exponential Moving Average
- Smoothed - Smoothed Moving Average
- Linear-Weighted - Linear Weighted Moving Average
- Wilder Exponential - Welles Wilder's Exponential Moving Average
- Sine-Weighted - Sine-Weighted Moving Average
- Triangular - Triangular Moving Average
- Least Square - Least Square Moving Average (LSMA)
- Hull MA by Alan Hull - Hull's Moving Average (HMA)
- Zero-Lag Exponential - Exponential Moving Average with Minimum Delay
- Instantaneous Trendline by J.Ehlers - John Ehlers' Trendline
- Moving Median - Moving Median
- Geometric Mean - Moving Average Based on Geometric Mean
- Regularized EMA by Chris Satchwell - Regularized EMA
- Integral of Linear Regression Slope - ILRS MA
- Combination of LSMA and ILRS - Combination of LSMA and ILRS
- Triangular MA Generalized by J.Ehlers - John Ehlers' Triangular Moving Average
- Volume-Weighted - Volume-Weighted Moving Average
Calculation:
Top = Middle + ATR * Multiplier
Bottom = Middle - ATR * Multiplier
Middle = MA(Applied price, MA period, MA type)
This indicator allows for a wide range of adjustments, making it perfect for trading pullbacks from extreme values. It’s a real game changer!
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