If you are looking for ways how to place trailing stops or what type of MT4 indicators to use for your trailing stops, then try this Average True Range Trailing Stop Mt4 Indicator.
The good thing with this indicator is that your trailing stop is placed as far away from the market price that you have less chance of your trailing stop getting hit.
Why? I think it is because it calculates and plots these dots which you can use as a guide to place your trailing stop based on the Average True Range of “x” number of days. It is a useful tool if you are one of those traders who like to keep your trades running for a very long time… especially if you are a swing trader.
How To Use The Average True Range Trailing Stop Mt4 Indicator
- When you attach the indicator to your chart, it draws blue dots almost like the dots of Parabolic SAR.
- if the market is in an uptrend, the blue dots will appear at the bottom of the price.
- if the market is in a downtrend, the blue dots will appear and form above the price.
- when your trade becomes profitable, those dots are where you should be moving your trailing stop loss and locking in your profits.
Average True Range Trailing Stop Mt4 Indicator Settings
Ok, I have to be honest with you, I haven’t played around with the settings of this indicator. As a matter of fact, if you look at the “Inputs” tab above, you don’t see a lot of things to change there either:
- BackPeriod: I’m guessing this is how many candlesticks back the indicator draws those dots. The default is set at 2000.
- ATRPeriod: I’m guessing that is the number of days where the average true range is calculated and is plotted on the chart as a dot. So a dot there represents the average true range of the recent past 20 days. Am I saying this right???
- Factor: I don’t know what the heck that is!
- The rest….don’t know! Play around with them and let me know.
ATR Trailing Stop MT4 Indicator Download Link here: ATRTrailStop_v3