Wilder’s Average True Range (ATR) – indicator MetaTrader 5
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This indicator implements the original âAverage True Range (ATR)â developed by John Welles Wilder Jr., as described in his bookâNew Concepts in Technical Trading Systems [1978].
It uses Wilderâs moving average, also known as the smoothed moving average (SMMA), instead of a simple moving average (SMA) as used on MetaTraderâs built-in ATR indicator. The default period applied is 7, instead of 14, as per the description in his book.
The code uses conditional compilation and will compile on both MQL4 and MQL5. Please note that all my CodeBase publicationsâ source code are now also available in âPublic Projectsâ tab of MetaEditor under the name âFMICâ.
