ATR Support/Resistance Levels Indicator MT5

The ATR Support/Resistance Levels Indicator MT5 (MetaTrader 5) utilizes ATR (Average True Range) to establish three precise support and resistance levels on the price chart. This tool is designed to enhance the identification of key areas where the market tends to react strongly, aiding traders in making more informed decisions. This forex MT5 indicator is available for free download.

ATR Support/Resistance Levels Indicator MT5: Introduction

MT5 Indicator Overview

The download link of the ATR Support/Resistance Levels MT5 indicator is placed at the bottom of this post – once you’re done, your Metatrader 5 trading chart should look similar to the example below.

Named after its functionality, the ATR Support/Resistance Levels Indicator presents valuable support and resistance levels, enabling traders to make well-informed buy/sell decisions based on significant market points. This indicator proves highly versatile, as forex traders can combine it with other indicators like RSI or MACD to validate signals.

Moreover, it serves multiple purposes, including stop loss placement and determining optimal take profit levels, enhancing overall trading precision.

Trading Suggestions

As the price approaches the upper resistance levels, it signals a possible market reversal towards the downside. Consequently, traders can consider entering short positions or exiting long positions, complementing their decisions with thorough price action analysis for added confirmation.

On the contrary, when the price nears the lower support levels, it indicates a potential upward movement, enticing traders to explore long positions. To ensure a well-grounded approach, traders should patiently await confirmation through bullish price action patterns before executing their trades.

MT5 Indicators: Download and Installation Instructions

Download the ATR Support/Resistance Levels Indicator MT5.rar archive at the bottom of this post, unpack it, then copy and paste the atr-support-resistance.ex5 or atr-support-resistance.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.

You can gain access to this folder by clicking the top menu options, which goes as follows:

File > Open Data Folder > MQL5 > Indicators (paste here).

Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.