Beginner

Beginner MetaTrader indicator — a very simple custom indicator that displays the local tops and bottoms on the chart with the red and blue dots near them. It analyzes the maximum and minimums on the certain period and then compares them to the range, in which the currency pair was trading, and if the top/bottom is significant enough, it marks it with the dot. This indicator redraws itself and thus should not be used for generating trading signals as the dots' positions may change. Both MT4 and MT5 versions of the indicator are available.

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

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!

Download (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

• Warning! 

• If you do not know how to install this indicator, please read the MetaTrader Indicators Tutorial.

• You can open a trading account with any of the MT4 Forex brokers to freely use the presented here indicator for MetaTrader 4. If you want to use an MT5 version of the indicator presented here, you would need to open an account with a broker that offers MetaTrader 5. If you are with a cTrader broker, then you would need to download the cTrader version of the indicator above.