The Beginner Metatrader 5 forex indicator is a unique custom indicator that is deployed in showing the native highs and lows on the activity chart using magenta and dodger blue dots next to them.
The indicator analyzes the maximums and the minimums on a defined period and compares them with the range in which the forex pair has been traded.
If the pair experiences a relatively significant peak/trough, such a point gets marked.
The indicator utilizes just two variables within its inputs parameter:
Shift: set at a default value of 30, this variable represents the number of percentage that is taken off from the range before comparing the minimums and maximums to define their significance. The points will occur more frequently when higher values gets used.
Period: set at a default value of 9, this variable defines the calculation period of the maximum and minimums within a specified time frame. A higher value will imply less frequency of the points.
The USD/CHF H4 chart below displays the Beginner Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the dodger blue dot of Beginner Metatrader 5 forex indicator gets aligned fairly below price bars. Place a protective stop-loss below support.
Sell Signal: Go short when the magenta dot of the Beginner Metatrader 5 forex indicator gets aligned above slightly above the candlesticks. Place a protective stop-loss above resistance.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the Beginner indicator pops up a magenta dot somewhat above the price bars.
Exit sell trade: Close all sell orders if while a bearish trend is running, the Beginner indicator puts on display a dodger blue dot rather below the candlesticks.
Tips: The Beginner indicator does not get displaced on lower time frames, hence it can allow scalpers and day traders hit and run for small profits.
It is also compatible on longer time frames, thereby supportive of long-term trading.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Shift, Period), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the beginner.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)