Originally Posted by newdigital

NRTR WATR indicator came to MT4 from MT3 and this indicator is part of classical asctrend system for MT3 (and for ther softwares as well).
You may look at this asctrend from the beginning ASCTrend system (this thread is describing everything as a book: from history and old systems in the beginning to the new ones in the end of the thread; means - nothing was moved/updated on the first post).

In classical asctrend (H1, H4, D1 or W1 timeframes) this NRTR WATR is used for stop loss, trailing stop. Besides sometimes it is used for breakout level.