Keltner Channel Smooth ATR Indicator
MT5 Channel TradingFree DownloadThe Keltner Channel Smooth ATR Indicator for MetaTrader 5 is a volatility-based envelope that is aligned above and below a Moving Average, which is a central element of that indicator. In the settings of that Keltner Channel indicator, you can set the median value average method among the: Exponential Moving Average, Simple Moving Average, Smoothed Moving Average, and Linear Weighted Moving Average. Another feature of this forex indicator is the use of the smooth ATR. In other words, the Keltner Channel Smooth ATR indicator uses the smooth ATR to set the channel distance.
How to apply the Keltner Channel Smooth ATR in trading?
As you can see on the charts with the Keltner Channel Smooth ATR Indicator loaded, the area above central MA is green-colored, and below it is orange-colored. Please notice, that also channel bands are also colored, depending on the signal direction. Detailed instructions are provided below.
Buy Signal
Follow these steps for a long trade:
- Price is above the central MA (green area)
- Upper band color changes from orange to green
- Buy trade is triggered after the above conditions are met
- Set stop loss a few pips below the central MA
- Take profit or exit trade whenever the price touches the central MA or use your own method of trade exit
Sell Signal
Follow these steps for a short trade:
- Price is below the central MA (orange area)
- Lower band color changes from green to orange
- Sell trade is triggered after the above conditions are met
- Set stop loss a few pips above the central MA
- Take profit or exit trade whenever the price touches the central MA or use your own method of trade exit
