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Beginner
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.
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! Before you ask any basic questions regarding installation of
the indicators, please, read this
MetaTrader 4 Indicators Tutorial or MetaTrader 5 Indicators Tutorial
to get the elementary knowledge on handling them.
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.
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