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Dots indicator for MT5​

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The Dots indicator is based on another indicator which was developed in 2006. The indicator shows a current trend direction by placing colored dots on the main chart. Blue dots shows you an uptrend and red dots a downtrend.

Although the indicator calculation is not based on standard MT platform indicators it uses the iMA (Moving Average) function for getting prices of a specified type (Open, Close, Maximum, Minimum, Typical etc.). The calculation is based on cosine of a price change angle. You can modify several input parameters.

Input parameters:

• Length (by default = 10) - stands for the indicator period. The higher this variable is, the higher the time lag and the fewer wrong signals are displayed.
• AppliedPrice (by default = PRICE_CLOSE) - stands for the price type to use in calculations.
• Filter (by default = 0) - useful parameter which allows you to filter price surges without adding display lags.
• Deviation (by default = 0) - stands for the vertical indicator shift.
• Shift (by default = 0) - stands for the horizontal indicator shift.

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Advice: A recommended strategy is that you wait for 2 identical dots and open positions by trend. Unfortunately sometimes it fails. A suitable option would be to use one dot as a signal with Filter parameter set as Spread x 3.

​You can download the indicator here

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