There's an eSignal efs study that takes the daily average true range (ATR) and subtracts it from the high of the current day and adds it to the low of the current day and draws horizontal lines at those points. E.g. the current high in cable is 2.1143 and the low is 2.1064. Cable's ATR is 130 so the ATR upper bracket would be 2.1194 (2.1064 + 130) and the lower bracket would be 2.1013 (2.1143 - 130). It's a very useful indicator for taking profit, especially if used with pivot points and other support/resistance levels.
Does anyone know if there's a similar indicator for MT4? If not could someone produce it for the benefit of all (you'll be impressed how accurate it is at taking profit very near the ideal level for the day)? To be of any use it would have to ignore Sunday data to give an accurate ATR. You'd also need to be able to input the ATR value (e.g. 10 days, 20 days etc). Labels would be ATR Upper Bracket and ATR Lower Bracket.
Does anyone know if there's a similar indicator for MT4? If not could someone produce it for the benefit of all (you'll be impressed how accurate it is at taking profit very near the ideal level for the day)? To be of any use it would have to ignore Sunday data to give an accurate ATR. You'd also need to be able to input the ATR value (e.g. 10 days, 20 days etc). Labels would be ATR Upper Bracket and ATR Lower Bracket.
