You can now download the Beginner indicator for free on AtoZ Markets indicators gallery.
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 a 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.
- 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.
How to trade with Beginner indicator
It is 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.
How to download and install an indicator
In order to install the indicator on your MT4 or MT5 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into the MT5>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the “Beginner indicator” template to apply it on the chart.
Note: This indicator was developed by a third party. AtoZ Markets does not carry any copyrights over this trading tool.