The Average True Range (ATR) is a fantastic tool for traders, but it’s important to note that it isn’t designed to serve as a standalone volatility indicator. To make the most of it, I’ve adapted the ATR within a 0 - 100% range and compared it to the previous X days for a clearer analysis.
Key Recommendations:- If you're a fan of No Nonsense Forex, this adaptation aims to bring the $EVZ chart directly into your MetaTrader 4 setup. For instance, when the ATR(14) falls in the bottom 25% compared to the past 800 days, instead of just taking half your profit at the 1x ATR mark, consider cashing out your full profit, as suggested by VP in the 'Dead Markets' episode.
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