The Average True Range Stop indicator help traders to spot the trend direction to place trades. The indicator also points out pullbacks that are strong enough to warn that the current trend may be in danger.
Before each trade, determine the best settings for the trade. You can do this by adjusting the ATR Stops multiplier to match what pairs has done in the past. Some pairs are more volatile and tend to whipsaw across the indicator. In this case, a bigger multiplier may be needed. If the pair moves smoothly, a lower multiplier will likely work better.
This is a MetaTrader 4 (MT4) indicator and works with all currency pairs and all timeframes. Once you download and install the indicator, it will appear in your trading chart, like the image shown above.