Beginner Indicator

Platform: MT4 Type: Scalping

Users rating:

Last update: November 9, 2024

The Beginner Indicator for MT4 displays blue and red dots as trading signals. These dots are placed below or above candles, which is the result of detecting local tops and bottoms. Behind the scenes, it 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, it places a dot.

Unfortunately, the indicator repaints itself. In other words, the positions of the dots may change in time. Because of this issue, it’s recommended to use it in conjunction with other technical analysis tools to avoid false signals.

Example chart:

beginner indicator example chart