Envelopes ATR MT5 – indicator for MetaTrader 5

  • Platform: Metatrader5
  • Currency pairs: Any pairs, indices and metals
  • Trading Time: Around the clock
  • Recommended broker: icmarkets, XM
  • This is a modified Envelopes indicator for measuring the price deviation. It displays the upper and lower borders of the price deviation from МА calculated considering the average volatility of the symbol according to ATR indicator.

    The deviation may be displayed as ATR deviation and standard МА deviation simultaneously.

    The indicator has been created upon BalueV user’s request as part of the suggestion to develop a free indicator in this topic (in Russian). MetaTrader 5 version.

    Settings:

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    • ATR Period — ATR period for the indicator calculation.
    • MA Period — MA period used to calculate the indicator. It is also used to calculate the standard Envelopes if the latter is enabled.
    • MA Method — МА line type.
    • MA Applied price — prices used to plot МА.
    • Deviation % — deviation in % for the standard Envelopes.
    • Envelopes Type — deviation type (only standard, only ATR, standard and ATR).
    • Deviation % color down — standard deviation lower line color.
    • Deviation % color up — standard deviation upper line color.
    • Deviation ATR color down — ATR deviation lower line color.
    • Deviation ATR color up — ATR deviation upper line color.
  • How to install MT5 indicator?
  • 1. On the desktop, double-click to open the MT45 trading platform software you installed.
  • 2. Click on “File” in the upper left corner – “Open Data Folder”, double-click the MQL5 folder, and double-click the Indicators folder
  • 3. Copy the metrics you need to install to the Indicators folder
  • 4. Open MT5, find “Navigator” in the display menu, then click “Technical Indicators” of “Navigator” and right click to refresh, you will see the indicator just copied.
  • 5. In the “Technical Indicators” of “Navigator”, find the indicator file just installed, double click or click manually to the chart window
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