dots
Info
The dots is a Indicator for MetaTrader 5 that trendlaboratorythe 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.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use dots
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
trendlaboratorythe dots indicator is based on an indicator developed by trendlaboratory in 2006.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: dots - another powerful indicator for MetaTrader 5 traders.
trendlaboratory
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.
Also recommended: dots ht f - similar indicator with strong performance on MetaTrader 5.
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.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.
tips:
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.
You may also like: dots sign - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.0"
#property strict
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_plots 1
#property indicator_type1 draw_color_arrow.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.