Ultra ATR scalping tool MetaTrader 4 Forex Experimental indicator. It is made to show reference. Main components are pip scale, ATR/pivot, MA level, RSI, and spread alert. Can be used on any timeframe, but since it’s made for scalping it is somewhat adjusted for M1-M15.
ATR/Pivots
Settings: Mode(Standard,Fibonacci), Period (No of M5 Bars), Lines – Style, Color, Width.
There’s some math behind this one. Weighted average of chosen number of M5 bars (for open/close/high/low price)
Pips Scale
Settings: Scale Zero Level Shift.
It’s a simple scale. Middle (zero level) is placed at the middle of the body of chosen candle. This can be adjusted so that you can differentiate reversal from pullbacks.
Rule of thumb is: Trend is up when price is above Zero Level, trend is down when price is below.
for(int i=1;i<N_Bars;i++) { mod=(double)(N_Bars-i); mod*=(double)(iVolume(NULL,inpTimeFrame,PivotBar+i)); xOpen+=mod*iOpen(NULL,inpTimeFrame,PivotBar+i); xClose+=mod*iClose(NULL,inpTimeFrame,PivotBar+i); xHigh+=mod*iHigh(NULL,inpTimeFrame,PivotBar+i); xLow+=mod*iLow(NULL,inpTimeFrame,PivotBar+i); div+=mod; }Range is adjusted with ATR from this range,
double xATR=iHigh(NULL,ATRTimeFrame,iHighest(NULL,ATRTimeFrame,MODE_HIGH,5*N_Bars,0)) -iLow(NULL,ATRTimeFrame,iLowest(NULL,ATRTimeFrame,MODE_LOW,5*N_Bars,0)); double xRange=(xHigh-xLow)+xATR;and all these are used to calculate pivot levels.
So of that these levels will be dynamic, depending on ATR value, so chosen Period makes big difference here. The lower number the more dynamic levels (they will expand and contract). For intraday trading/scalping Period 12 – 288 is reasonable (1-24 hours).
Rule of thumb just like other pivot tools.
MA Level
Settings: Period, Method, Applied price, Timeframe, Line Color/Style/Width.
This is additional line that shows latest price of Moving Average from a chosen time-frame. If the level is “outside” the chart the line is drawn at the top/bottom of the chart (longer and thicker). I use EMA(16) of typical price on H1, that shows the trend pretty well.
Rule of thumb: trend is up then price is above the MA level, trend is down when price is below.
Ultra ATR scalping tool MT4 Indicator – Download Instructions
In order to transform accumulated history data, you need to install a MetaTrader 4
Ultra ATR scalping tool – it is a MetaTrader 4 indicator that allows you to detect several changes and dynamics in price that many traders can’t estimate or see without an indicator, which highlights its essence and usage.
Accordingly, traders can draw conclusions and make estimates about how the prices will change based on the information they have and then they can modify their strategy for better trading.
How To Install Ultra ATR scalping tool MT4 indicator for MetaTrader 4.mq4?
Download indicator for MetaTrader 4.mq4Copy Ultra ATR scalping tool MT4 to Directory / experts / indicators /
Start or restart your Metatrader 4 Client
Select Chart and Timeframe where you want to test your mt4 indicator
Search “Custom Indicators” in your Navigator mostly left in your Metatrader 4 Client
Right click on Ultra ATR scalping tool MT4 for MetaTrader 4.mq4
Attach to a chart
Modify settings or press ok
Indicator for MetaTrader 4.mq4 is available on your Chart
How to remove Ultra ATR scalping tool MT4 Indicator for MetaTrader 4.mq4 from your Metatrader 4 Chart?
Select the Chart where is the Indicator running in your Metatrader 4 ClientRight click into the Chart
“Indicators list”
Select the Indicator and delete
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