Friday, February 24, 2012

Beginner Indicator

Beginner Indicator – very simple custom indicator, which displays local peaks and troughs on the chart with red and blue dots beside them. It analyzes the specific minimums and maximums and compares them to the range in which the trading currency pair and, if the peak/trough quite significant, it marks the point. This indicator is redrawn when you reboot and therefore cannot be used to generate trading signals, because the positions of points are subject to change.

Input parameters:
AllBars (default = 0) — the number of bars, for which apply the calculation (0 — all the bars). There is no reason to change this setting.
Otstup (default = 30) — the amount of interest that is clipped from the range before you compare maximums and minimums for the determining their relevance. The higher the number, the more likely would meet point.
Per (default = 9) is the period where highs and minimums are calculated at this time. The higher the number, the less will receive points.

It is very important to understand that this
indicator may not be used for trading signals. That is, you can't sell a red dot, and buy a blue — you simply all lose. This indicator can only be used to quickly locate points support and resistance, if you trade using any system based on advancements, or to develop your indicator.

Tips of the Post: Go with the trend! Trend is your friend. Trade with the trend to maximize your chances to succeed. Trading against the trend won't "kill" a trader, but will definitely require more attention, nerves and sharp skills to rich trading goals.
 Download Beginner MT4 Indicator