ATR Level Indicator (ATRL) for download MetaTrader 4 - Free [TFlab]

The Average True Level (ATRL) is one of the indicators in MetaTrader 4 designed to determine price levels. This ATRL Indicator is based on the 20-period Daily Average True Range (ATR) .

The plot shows 3 lines above and 3 lines below a central line. Traders can use these price levels as take-profit and stop-loss levels for their trades.

The indicator's center line is based on a daily average of 5 candles , and the ATRL levels are updated every 4 hours .

ATRL indicator table

The table below contains the specifications of the indicator.

Price action is above central levels

On the 15-minute chart (NAS100), if price is above the central ATR level, traders can use the higher level as a target point for trading and set their own trading targets. Take Profit accordingly.

Price action below central levels

On the 15-minute chart (US30), if the price is below the central ATR level, traders can use the lower level as the target point (Take Profit) and the higher level as the target point. Stop Loss in their trades.

ATRL indicator settings

Set as ATRL indicator as shown below:

• Level1: The distance value between the highest level and the center level
• Level2: The distance value between the second layer and the center layer
• Level3: The distance value between the lowest layer and the center layer
• Shift: Update the row based on the number of past candles
• Num: Number of candles used for calculation
• Timeframe: The time range basis for calculation
• Update: Set update interval
• Main Line: Central layer color
• Lines: color of levels
• Candle: Set the number of candles for the display level
• Group: ATR indicator settings
• ATR Period: ATR indicator time range

Conclusion

The Average True Level (ATRL) indicator assists traders in analyzing price movements. When price is above the center line in the ATRL Indicator , the market is considered bullish and the upper level acts as resistance .

Conversely, when price is below the midline , the market is considered bearish , with the lower levels acting as support . Traders looking for support and resistance levels in MT4 can enhance their trading strategies by using this indicator.