Ultra - ATR scalping tool - MetaTrader 4 script | Scalping EA download - MT4/MT5 resources

Experimental indicators written by myself. It's to show some reference (it's more like a rifle scope than a rifle). The main components include pip values, ATR/pivot, MA levels, RSI and spread alerts. Can be used on any timeframe, but since it is designed for scalping, there are some adjustments made for M1-M15.

Settings: Scale zero level offset.

This is simple scale. The middle (zero level) is placed in the middle of the selected candle body. This can be adjusted so that you can differentiate between reversals and retracements.

The rule of thumb is: when the price is above the zero level the trend is upward and when the price is below the zero level the trend is downward.

‌Settings: Mode (Standard, Fibonacci), Period (Number of M5 bars), Line-Style, Color, Width.

There's some math behind this. Weighted average of a selected number of M5 bars (for open/close/high/low)

 for ( integer i = 1 ;i  Double)(N_Bars-i);
      modulo*=( double )( volume ( void ,inpTimeFrame,PivotBar+i));
      xopen+=mod*Love to open( invalid ,inpTimeFrame,PivotBar+i);
      xClose+=mod* Close ( invalid ,inpTimeFrame,PivotBar+i);
      xhigh+=mod*love high( invalid ,inpTimeFrame,PivotBar+i);
      xlow+=mod* low ( invalid ,inpTimeFrame,PivotBar+i);
      div+=mod;
    }

The range is adjusted from this range using ATR,

 Double xATR = ai high ( void ,ATR timeframe, high ( void ,ATR timeframe, mode_high , 5 *N_bar, 0 ))
              -low ( invalid ,ATR timeframe, lowest ( invalid ,ATR timeframe, mode_low , 5 *N_bars, 0 ));
Double x range = (x high - x low) + xATR;

All of these are used to calculate pivot levels.

Since these levels will be dynamic, depending on the ATR value, the period chosen will make a big difference here. The lower the number, the more dynamic levels (they expand and contract). For intraday trading/scalping Period 12 - 288 is reasonable (1-24 hours).

Rules of thumb are just like other pivot tools.

Settings: Period, Method, Apply Price, Time Range, Line Color/Style/Width.

This is an additional line showing the latest price of the moving average for the selected time frame. If the level is "outside" the chart, lines (longer and thicker) are drawn at the top/bottom of the chart. I use EMA(16) of typical price on H1, that shows the trend pretty well.

Rule of thumb: When the price is above the moving average, the trend is upward; when the price is below the moving average, the trend is downward.

Settings: Period

This may seem confusing at first glance. (This is more like looking at the RSI from the side, like a floor plan). The line shows the current RSI and the color fill shows the plot (min/max values) of the last n bars (n is the same as the RSI period).

Rule of thumb: RSI > 50 indicates an upward trend, RSI < 50 indicates a downward trend. Additionally, when trending sideways, the color fill tightens around 50.

Settings: scale, color.

Set the spread to ATR ratio to trigger alerts. When it's triggered, it changes the color of the bid/ask lines, as well as some ticks to draw your attention. Enable debug mode to show some internal numbers, also including spread, ATR and %ratio, to help you tune this level.

Attachment download

📎 ultra.mq4 (23.86 KB)

Source: MQL5 #17658