ATR Channels Indicator is the unique price momentum tool which grants the ability to differ a trend slope with the given overbought and oversold zones based on the calculation of average true range indicator. This is widely spread indicator among MetaTrader community. Also, it was first built by Luis Guilherme Damiani. However, this version is advanced with an additional smoothing algorithm such as JJMA, JurX, ParMA, T3, VIDYA.
Based on Nikolay Kositsin’s mql5 interpretation a Smoothing parameter varies in the meaning depending on algorithm:
- JMA has Phase gap -100/+100
- T3 Phase is multiplied by 100 for better visualization
- Phase for VIDYA is CMO period
- Phase for AMA is a slow EMA period