Beginner Indicator » Free Forex MT4 Indicators (mq4 & ex4)

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 set up the Beginner indicator in MT4?

Installation Guide

Download the Beginner.rar archive at the bottom of this post, unpack it, then copy and paste the Beginner.ex4 or Beginner.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.

You can gain access to this folder by clicking the top menu options, which goes as follows:

File > Open Data Folder > MQL4 > Indicators (paste here).

Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.

Bottom Line

The Beginner indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.