Beginner Indicator

Beginner Indicator

Beginner indicator for MT5 displays meaningful highs and lows of price during the trading period.

The Beginner Indicator for MetaTrader 5 is an easy to use trend following system that analyzes the financial market and then displays meaningful highs and lows printed by price. It does this by comparing price peaks and valleys with the trading range covered during the period.

Also, the highs and lows defined by the indicator are of interest because they tend to act as support and resistance zones, especially when broken. So the price is likely to reverse when it reaches any of the zones, or continue the trend when it breaks and retests the zones.

Thus, the indicator can be used to identify a reversal or continuation of the trend of buy/sell opportunities when the price approaches or breaks the high/low and retests it. However, it is important to note that the indicator is not recommended to be used as a standalone tool, because at some point it redraws the points.

How to Trade With the Beginner Indicator

The image above shows the beginner indicator in action on the EURJPY pair on the M30 timeframe. The indicator marks actual swing highs with pink dots and lows with blue dots, which are potential resistance and support zones respectively. However, the blue and pink dots do not signal the purchase or sale of an asset, but simply indicate key areas in the market.

So, the blue and pink dots are the zones you need to watch out for when price approaches either of them for a possible buy or sell opportunity. Alternatively, you can also refer to the image above, which illustrates how a buy signal was generated after the price broke out and retested the pink zone (resistance).

Conclusion
The Beginner Indicator for MT5 is recommended to be used with price action/other technical indicators before making any trading decision. Moreover, you can also download the indicator for free today.