The Beginner MetaTrader indicator | FREE Forex Trading Indicator

The Beginner MetaTrader indicator, a very simple custom indicator that displays the chart’s local tops and bottoms as red and blue dots. It examines the maximums and minimums for a given period and compares them to the range in which the currency pair was trading; if the top/bottom difference is significant enough, it marks it with a dot. Because this indicator redraws itself, it should not be used to generate trading signals because the positions of the dots may change. The indicator is available in both MT4 and MT5 versions.

Input parameters

  • AllBars (default = 0) — the amount of bars to use for calculations (0 — all bars). There is no reason to change it.
  • Otstup (default = 30) — the number of percents that are cut from the range before comparing maximums and minimums to determine their significance. The higher this number is the more frequent are the dots.
  • Per (default = 9) — the period, on which the maximums and minimums are calculated at given moment. The higher is the number the fewer dots are drawn.

Indicator

Beginner Indicator Example MetaTrader Chart



It is very important to understand that this indicator cannot be used for actual trade signals. For example, you cannot sell when the red dot appears or buy when the blue one is drawn — you will end up losing. This indicator can only be used to quickly find the support and resistance levels if you trade some breakout system or to develop your own indicators.

Warning! Beginner is a repainting indicator — it draws past outputs based on future data. Do not use it for trading signals!

Downloads (ver. 1.02, 2017-08-26)

Beginner for MetaTrader 4 in .zip

Beginner for MetaTrader 4 in .mq4

Beginner for MetaTrader 5 in .zip

Beginner for MetaTrader 5 in .mq5


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