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EA NameBeginner MetaTrader indicator
PlatformMT4/MT5
Download MQ4 Format | MQ5 Format
Brief

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.

Beginner MetaTrader indicator Forex Indicators

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