The Dots indicator is based on an indicator developed by TrendLaboratory in 2006. The indicator shows current trend direction by placing colored dots on the main chart. Blue dots indicate an uptrend, red dots indicate a downtrend.
Although the indicator calculation is not based on standard MetaTrader platform indicators, it uses the iMA (Moving Average) function to get prices of a specified type (Open, Close, Maximum, Minimum, Typical etc.). The calculation is based on cosine of a price change angle. The user can set several input parameters.
- Length (by default = 10) — indicator period. The higher this value, the higher the time lag, and the fewer false signals are displayed.
- AppliedPrice (by default = PRICE_CLOSE) — price type to use in calculations.
- Filter (by default = 0) — useful parameter allowing to filter price surges without adding display lags.
- Deviation (by default = 0) — vertical indicator shift.
- Shift (by default = 0) — horizontal indicator shift.
- Recommended strategy is to wait for 2 identical dots and open positions by trend. Unfortunately, sometimes it fails. A suitable alternative would be to use one dot as a signal with Filter parameter set as Spread x 3.
MT4 Indicators – Download Instructions
Dots is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Dots provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install Dots.mq4?
- Download Dots.mq4
- Copy Dots.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on Dots.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Dots.mq4 is available on your Chart
How to remove Dots.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
MT4 Indicators Download below: