The Beginner Support & Resistance Indicator is a simple yet practical custom indicator designed for MetaTrader 4 (MT4) and MetaTrader 5 (MT5). It visually highlights local price tops and bottoms on the chart using colored dots, helping traders quickly identify potential support and resistance levels.

This indicator works by analyzing recent price data to detect significant maximums and minimums within a defined period. It then compares these values with the overall trading range of the currency pair. If a price level is considered significant enough, the indicator marks it with a dot — red dots represent potential resistance (local tops), while blue dots indicate potential support (local bottoms).

It is important to note that this indicator repaints, meaning the position of the dots may change as new price data appears. For this reason, it should not be used as a standalone trading signal generator. Buying or selling solely based on the appearance of a dot can lead to poor trading results.

Instead, the Beginner Support & Resistance Indicator is best used as a visual support tool. It helps traders quickly spot important price zones, making it especially useful for:

• Identifying support and resistance levels
• Assisting breakout trading strategies
• Enhancing market structure analysis
• Supporting the development of custom trading systems or indicators

Both MT4 and MT5 versions of the indicator are available, making it accessible for traders using either platform.

Input Parameters

• AllBars (default = 0)
  Specifies the number of bars used for calculations. A value of 0 means all available bars are used. In most cases, there is no need to change this parameter.
• Otstup (default = 30)
  Defines the percentage of the trading range that is excluded before comparing maximums and minimums. Higher values result in more frequent dots appearing on the chart.
• Per (default = 9)
  Determines the period used to calculate maximums and minimums. Increasing this value reduces the number of dots displayed, highlighting only more significant price levels.

Important Notice
This indicator is not suitable for generating direct buy or sell signals. Traders should avoid using it in isolation for trade entries or exits. Its primary purpose is to provide a fast and clear visualization of potential support and resistance areas, which can then be combined with other technical tools or trading strategies for better decision-making.

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