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.
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!
Warning! If you do not know how to install this indicator, please read the MetaTrader Indicators Tutorial.
Do you have any suggestions or questions regarding this indicator? You can always discuss Beginner with the other traders and MQL programmers in the indicators forum.