ATR Level Indicator (ATRL) for MetaTrader 5 Download - Free [TFlab]

The Average True Range (ATR Level) is one of the MetaTrader5 indicator (MT5) , based on the Average True Range (ATR) with 20 period settings. It draws three support and resistance lines above and below the center line.

The ATR Levels indicator provides appropriate set points for Take Profit and Stop Loss and is updated every 4 hours. This indicator helps traders identify better entry and exit points while optimizing trading risk.

ATRL indicator table

The specifications of this indicator are shown in the table below.

Price action is above central levels

In the 5-minute WTI chart, when price moved above the mid-level of 72.30 , the uptrend started heading towards level 3.

Traders can break through the central price as the entry point and the next price as the entry point. target profit and the previous level as stop loss . ATR levels indicator levels can also act as support and resistance levels.

Price action below central levels

In the 5-minute USD/CAD chart, when the price moves below the midline of the ATRL indicator, it enters a downtrend and moves towards lower levels.

Traders can use the levels specified by the ATR Level indicator to determine the take profit (TP) and stop loss (SL) points of their trades.

ATRL indicator settings

The settings of the indicator are as shown below:

• Level 1: Set the distance between the highest layer and the central layer
• Level 2: Set the distance between the second layer and the central layer
• Level 3: Set the distance between the lowest layer and the central layer
• ATR indicator settings: ATR Settings
• ATR_Period: ATR Period Setting
• Update the movement of the last candle of the line: update based on previous candles
• Number of candles used to calculate ATR levels: Number of candles used to calculate ATR
• Time range for calculating ATR: Time range for ATR calculation
• Timetable for updating the line: Framework for updating ATR
• MainLine: Select the color of the center line
• Lines: Choose different levels of color
• Number of previous candles (based on calculation time frame): Number of displayed candles (based on calculation time frame)

Conclusion

The Average True Level (ATR Level) indicator is useful for traders seeking to identify key price levels.

The ATR Levels indicator is one of the most important MetaTrader 5 volatility indicators and helps traders better analyze market trends and make better decisions when setting profit targets and stops by displaying price levels on the chart.

If the price is above the center line, it indicates a bullish trend, and if the price is below the center line, it indicates a bearish trend.