ATR Stop Loss Finder Indicator
The ATR Stop Loss Finder indicator for MT4 calculates and displays an optimal zone for a stop loss.
Description
The ATR (Average True Range) Stop Loss Finder indicator for MetaTrader 4 is a technical indicator that automatically calculates and displays the optimal zone to place a stop loss. It’s an indicator that is duly recommended for all levels of forex traders, especially for beginners. Furthermore, the indicator is one of the most important trading tools a forex trader should keep in handy because it can potentially increase your winning ratio over time. This is because it automatically displays the ideal stop-loss zone that would protect your open trade position from being easily taken out by the market.
How do you use the ATR Stop Loss Finder?
The above images show how the indicator identifies the optimal stop-loss zone for buy and sell trade. The green and red bands of the indicator represent the ideal zones to place a stop loss for a sell and buy position, respectively. Therefore, your stop loss is recommended to be set a few pips above the green band for a sell trade. Similarly, the ideal position to set a stop loss for a sell position is a few pips below the red band.
Conclusion
The ATR Stop Loss Finder Indicator for MT4 is a simple but powerful indicator that would come in handy in making better trading decisions. Besides, it is free to download, which makes it readily available for you to give it a trial.