The Beginner Indicator is a simple custom forex indicator that displays blue and red dots as trading signals. These dots are placed below or above the candles in result of detecting local tops and bottoms. The indicator analyzes the maximum and minimum of a certain period and then compares them to the range, in which a currency pair was trading. When top or bottom is meaningful enough, the indicator marks it with a dot. The Beginner indicator repaints itself and thus should not be used as standalone trading signals generator as the positions of the dots may change in time. You can apply it to your best proven trading system or strategy for confirmation or support and resistance levels.
How to use the Beginner Indicator?
The trading signals of the Beginner Indicator are explained below.
Buy entry signal
Look for the long trade opportunities when a blue dot appeared under the candles.
Sell entry signal
Look for the short trade opportunities when a red dot appeared above the candles.
Keep in mind, that this is a repainting indicator and should be used with some kind of filter.
How to install the Beginner Indicator on your Metatrader 4 trading platform?
- Download the indicator by clicking “LINK” button at the bottom of this post.
- Copy and paste the Beginner Indicator files into following folder of your Metatrader 4 (MT4) platform: MQL4 > Indicators.
- You can gain access to the folders this way: File > Open Data Folder > MQL4 > Indicators (paste files here).
- Restart your Metatrader 4 Client.
- Select Chart and Timeframe where you want to test the indicator
- Browse “Custom Indicators” in your Navigator that is located on the left in your Metatrader 4 platform.
- Right click on beginner.mq4 and than click “Attach to the chart”.
- You can modify settings if you need and than click ok.
- The indicator is ready and running on the chart.
In the archives you will find following Metatrader 4 files included:
Beginner Indicator Free Download
To download the Beginner Indicator for Metatrader 4 (MT4) for free just click the button below: