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 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 on restart and thus shouldn't be used for generating trading signals as the dots' position 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.
 
Beginner Indicator Example MetaTrader Chart

It's very important to understand that this indicator cannot be used for actual trade signals. E.g. you can't sell when the red dot is set or buy when the blue one set — you'll end up losing. This indicator can only be used to quickly find the support and resistance points if you trade some breakout system or to develop your own indicators.

Downloads:

Beginner for MetaTrader 4 in .zip

Beginner for MetaTrader 4 in .mq4

Beginner for MetaTrader 5 in .zip

Beginner for MetaTrader 5 in .mq5

Discussion:

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 on the indicators forums.