Dots

Dots (MetaTrader indicator) is based on the 2006 indicator by TrendLaboratory. It displays the current trend direction by placing the dots on the main chart. The blue dots signal bullish trend and the red dots signal bearish trend. Although the indicator doesn't rely on any standard MetaTrader indicators, it uses a call to iMA() (moving average) to get the price values depending on the input price type used (Close, Open, High, Low, Typical, etc.) The calculation is based on the cosine of the angle of price change. Trader can modify several input parameters. The indicator is available both for MT4 and MT5 versions of the platform.

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

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.

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

• Dots for MetaTrader 4

• Dots for MetaTrader 5

Discussion

• 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.