ATR Levels displays support and resistance levels based on Average True Range.
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(5.58KB) Version 1
ATR Levels
Expert Reviewed
| Our rating: | Rated 4 out of 5 stars |
| Avg rating: | Rated 0 out of 5 stars |
| Type | TI |
| Pairs | ALL |
| Time frames | ALL |
| Market sessions | ASIA, AMERICA, EUROPE |
| Required experience | beginner |
| Compatibility | MT4 |
| Code | Source Code |
| License | Free |
Updated: 02/12/2011
Screenshots and Videos
Expert Reviews
Expert Technical Review
by Alberto Muñoz - expert rating: Rated 4 out of 5 stars
How the software works
Similar to Pivot Points, ATR Levels draws support and resistance levels using Average True Range (ATR) values as follows:
H4 = Daily Low + ATR
H3 = H4+0.5*ATR
H2 = H4+ATR
H1 = H4+1.5*ATR
L1 = L4-1.5*ATR
L2 = L4-ATR
L3 = L4-0.5*ATR
L4 = Daily High - ATR
Main Settable Options
The only configurable option of this indicator is ATRPeriod = 10, which indicates the Average True Range period.
Technical Verdict
I've tested a similar indicator of my own a few years ago with some interesting results, I recommend it.
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Does this indicator repaints ??