Beginner Forex MetaTrader indicator — a straightforward custom indicator that displays the local tops and bottoms on the mt4 chart with the red and blue dots near them. It analyzes the maximum and minimums for a certain period and then compares them to the range in which the mt4 currency pair was trading, and if the top/bottom is significant enough, it marks it with the dot. This forex indicator redraws itself and thus should not be used for generating trading signals as the dots’ positions may change. Both forex MT4 and MT5 versions of the forex indicator are available.
Input parameters
- AllBars (main default = 0) — the number of bars to use for calculations (0 — all bars). There is no reason to change it.
- Otstup (main default = 30) — the number of percent that is cut from the range before comparing max and min to determine their significance. The more higher this number is, the more frequent the dots are.
- Per (main default = 9) — the period on which the maximums and minimums are calculated at a given moment. The higher the number, the fewer dots are drawn.
Indicator
We must understand that we cannot use this indicator for actual trade entry signals. For example, you cannot sell an entry when the red color dot appears or buy when the blue one is drawn — you will lose. This forex indicator can only be used to quickly find the chart support and resistance levels if you trade some chart breakout system or develop your indicators.
Warning! Beginner is a repainting forex indicator — it draws past outputs based on future data. Please do not use it for trading signals!
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Discussion
Warning! If you do not know how to set up this forex indicator, please read the MetaTrader Indicators Tutorial.
Do you have any more suggestions regarding this forex indicator? In the forex indicators forum, you can always discuss Beginner with the other forex traders and MQL programmers.
Thanks Admin for this indicator.