Dots (MetaTrader indicator) | FREE Forex Trading Indicator

Dots (MetaTrader indicator) is based on TrendLaboratory’s 2006 indicator. By placing dots on the main chart, it displays the current trend direction. The blue dots indicate a bullish trend, while the red dots indicate a bearish trend. Despite the fact that the indicator does not rely on any standard MetaTrader indicators, it uses a call to iMA() (moving average) to obtain price values based on the input price type (Close, Open, High, Low, Typical, etc.) The calculation is based on the cosine of the price change angle. Trader can change a number of input parameters. The indicator is available for both the MT4 and MT5 platforms.

Input parameters

  • Length (default = 10) — the period of the indicator. The higher is the value the more it lags but less false signals appear.
  • AppliedPrice (default = PRICE_CLOSE) — price type to use in calculations.
  • Filter (default = 0) — particularly useful parameter to filter out spikes without adding lag.
  • Deviation (default = 0) — shifts indicator display vertically.
  • Shift (default = 0) — shifts indicator display horizontally.

Example

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Dots Indicator Example MetaTrader Chart



The recommended strategy is to wait for 2 dots of the same color and enter the trade with the trend. Unfortunately, it sometimes fails. Using one dot signal with Filter parameter set to something like the currency pair’s spread x 3 could be a better idea.

Downloads (ver. 1.02, 2021-03-02)

Dots for MetaTrader 4

Dots for MetaTrader 5


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