Good morning, fellow traders!
If you run into any issues with this code, whether it’s a glitch or due to MQL5 updates, just drop me a line, and I’ll fix it up for you. Thanks!
Looking for more indicators? You can check out all my multi-timeframe codes in CodeBase or the Marketplace by simply searching for "William210". There’s both free and paid stuff available!
Why This Code Matters
The Average True Range (ATR) indicator, crafted by J. Welles Wilder back in 1978, is a key tool for traders to gauge the volatility of an asset. By averaging the largest True Ranges over a specified period, it provides insights into price movements and helps identify potential trading opportunities.
It’s worth noting that the original ATR didn’t include any smoothing techniques.
Wilder Smoothing came into play later on, designed to smooth out the fluctuations of the ATR indicator, making it much easier to analyze. Essentially, it’s a simple moving average applied to ATR values, typically over a 14-period timeframe.
Wishing You Success with This Code!
If you find this code helpful, don’t forget to give it a star! And feel free to add me as a friend to be the first to know when my latest codes hit the CodeBase or Marketplace.
I’ve also penned down other handy codes over in CodeBase:
- Adaptive Moving Average using iama()
- ADX using iadx()
- Alligator using alligator()
- ATR using iatr()
- The ATR can be quite useful for other indicators, like SuperTrend, which you can find in the Marketplace.
- Awesome Oscillator without iao()
- Bollinger Bands using ibands()
- Donchian Channel
- Envelopes using ienvelopes()
- Ishimoku using iishimoku()
- Keltner Channel
- MACD using imacd()
- Momentum using iMomentum()
- Moving Averages using ima(), and other native functions like SimpleMA(), ExponentialMA(), SmoothedMA(), LinearWeightedMA()
I also offer plenty of multi-timeframe smoothing options in the Marketplace!
From simple averages to more complex ones like EMA, SMA, and even volume-weighted averages such as VWMA and VEMA—there's something for everyone.
Have ideas for new codes? I’m all ears! You can request them on this thread.
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