Beginner is a free custom technical indicator for Metatrader 4 and Metatrader 5 which shows the maximums and minimums in the market with precision. It can be helpful in breakout trading strategies.
As with all technical indicators, it is recommended to use the Beginner indicator in conjunction with other tools to improve the reliability of its trading signals.
Beginner Indicator Parameters
- ALLBars: It allows the trader to specify the number of bars used by the indicator to calculate its values. It’s best to leave the default value of the indicator (0, which tells the system that uses all the candles).
- Otsup: The number of percentages that are cut from the series before comparing the maxima and minima to determine their importance. The higher the value, the more frequent are the plotted points.
- Per: This is the period in which they are calculated maxima and minima at a given time. The larger this value, the lower the number of points plotted on the chart.
It’s a fairly simple indicator that indicates the highs and lows on a chart using blue (Highs) and red (Lows) dots. It analyzes the maximum and minimum in a time period and compares them with the range in which the asset is being analyzed.
The beginner indicator also serves to determine whether the maximum or minimum are significant and if that is the case this indicator shows these points on the graph with the red and blue points mentioned above.
This indicator should not be used to generate entry signals to the market as the position of the points can vary over time. In fact, this indicator can be used to indicate important levels of support and resistance which can be used in a better way with breakouts trading strategies.
You can download this indicator for Metatrader 4 and 5 using the following link: