Successful forex traders master placing a stop loss at the best prices. There are many calculators for stop loss. The Mod ATR Trailing Stop Indicator for MT5 is the best indicator that uses the Average True Range to calculate the volatility and provides forex traders with the best possible trailing stop loss.
Forex traders can use the Mod ATR Trailing Stop Indicator for MT5 to understand the trend and volatility and to identify entry and exit points.
Average True Range–based trailing stops are the best stop loss, so they are used in many auto trading or EA-based trading software as a stop loss calculator.
How To Use Mod ATR Trailing Stop Metatrader 5 Indicator
The above AUDJPY H1 chart shows the Mod ATR Trailing Stop Indicator. The indicator displays the trailing stop levels above the current price in RED color for SELL positions. On the other hand, the indicator places the stop levels below the price in GREEN color for BUY positions.
Many traders use the Average True Range to identify and follow the trend until the opposite trend emerges. For example, the trader in a BUY position will continue to hold the position until the Average True Range Trailing Stop Loss MT5 indicator changes to RED color. In this case, the forex trader can ride the trend until the end.
Traders use the Mod ATR Trailing Stop Loss indicator to find entry and exit points, as the ATR is the best volatility calculator. Forex traders tend to BUY once the indicator changes to GREEN color. Oppositely, they SELL as the indicator changes to RED color. However, combining the signals with other technical indicators and price action is recommended to confirm the entry points.
New forex traders will highly appreciate this indicator as it provides a snapshot of market volatility. Also, the Mod ATR Trailing Stop Indicator for MT5 provides them with the best stop loss point. Experienced forex traders use this indicator to identify trailing stops, trend direction, and entry and exit points, combine them with other technical strategies, and use the multiplier to find the best indicator settings.
The Mod ATR Trailing Stop loss indicator for MT5 is an essential tool for all types of forex traders. Because the Average True Range based stop loss provides the best stop loss and allows the market to accommodate the volatility. However, simultaneously, the indicator provides a trailing stop loss to protect the position. Forex traders should test with various indicator settings for each currency pair as the volatility differs with every currency pair.