The ATR is a great tool. However, it cannot be used as a volatility indicator. I’ve bound it within 0 – 100% and compared it to the previous X days so a comparison can be made.
Recommendations:
For No Nonsense Forex followers, this has been created in attempt to incorporate the $EVZ chart into MT4. e.g. When the ATR(14) is at the bottom 25% compared to the past 800 days, instead of taking half profit off at the 1xATR mark, take the full profit off, as recommended by VP in the ‘Dead Markets’ episode.
Relative Price Channel - indicator MetaTrader 4 MT4 version of original indicator: https://www.mql5.com/en/code/22576Since the MT4 functionality is limited in the methods of drawing indicators, there are no color…
