*Dark point indicator designed for Metatrader 4. *The Dark Point indicator is a type of indicator for trend following. *The indicator can be used in all pairs and timeframes.
The Dark Point indicator is only one of many indicators. Developers and expert advisors are trying to create useful trading tools to help traders in making decisions. Not all indicators can provide an accumulation of signals with good results. Many factors are the cause. Indicators are just a trader’s tool. There is no perfect indicator that is always accurate.
A dark point is an indicator made by a programmer from Italy with more than 10 years of experience. This is a free version of the indicator available on the MQL5 market.
Contents
What is the Dark Point indicator?
The author does not explain in detail this indicator’s Dark Point. But it only gives a little idea about the Dark Point indicator. This is a trend-following indicator, which uses ATR to determine volatility.
Dark Point is a custom indicator that can be set to provide sound alerts, push notifications, and email and can be customized for expert advisors.
This indicator has the character of a non-repaint and is not a lagging indicator. The buy signal is indicated by a different color point from the sell signal. In the settings, there are three different colors for buy and sell signals. It will also display signal accuracy statistics on the dashboard.
How does the Dark Point indicator work?
The dark point indicator will generate trading signals based on logic which becomes the formula for determining signals based on data on each timeframe.
Using an ATR set with 14 periods is used to measure volatility. Traders can follow the signals that emerge from the signals in real-time.
There will be values to determine stop loss and take profit. Stop loss on the chart will be written SL 1 and SL 2, while for-profit targets written TP 1 and TP 2. Traders can use these references to determine trades.
In practice, this indicator can be a trading guide for beginners because it is easy to use. Depending on the timeframe used, the Dark point indicator will provide different win rate statistics. So that traders can determine which timeframe they think is the best to get a high win rate.
Author of Dark Point indicator
The author of the Dark Point indicator is Marco Solito, who is also the developer of the Dark Venus Expert Advisor.
He is an Italian with more than 5 years of experience as an MQL 4 and MQl 5 programmer.
His 30 products have received positive reviews from his followers. It got a rating of 4.6 out of 1944 reviewers.
To see the details of the products that have been developed, you can visit the Darktrading.biz website page. Maybe there are those who are interested in buying one of the products, it supports payment by Paypal as well as credit cards and several other payment methods.
Is the Dark Point indicator repainted?
Dark Point does not reflect as a repaint indicator. The repaint indicator is a type of indicator that will redraw when a new price reversal occurs.
This is one of the reasons why historical indicators seem profitable because they are redrawing or better known as repainting.
The dark point indicator is not a repaint, once the signal appears in all timeframes, it will stay there. and does not change despite the price reversal.
You can see from the image above, that the Dark point indicator is plotted on the USDJPY pair with the H1 timeframe, four signals appear on the chart. Two sell signals and two buy signals, and after the indicator point appears, it doesn’t change even after the price moves away.
What currency pair recommendation
The author does not provide specific recommendations for using indicators on certain pairs. It works in all pairs using settings that can be adjusted according to the trader’s desire for optimization.
So traders may be able to test using the Dark Point indicator in several currency pairs such as EURUSD, GBPUSD, USDJPY, AUDUSD, and so on.
Choosing one pair may give different results, where the character between pairs simultaneously varies with different averages.
The setting for the Dark Point indicator
First, you might prefer to try using the default settings on the Dark Point indicator. However, traders can also make changes to settings that can affect the trade signals generated as well as stop loss and profit targets.
Dark Point has four key parameters to get settings for each parameter, namely, main setting indicators, SL and TP settings, SL and TP line settings, and signal settings.
In the main setting, the user can change the values for Dark point periods, volatility factor, and sensitivity multiplier. the default setting for the Dark points period is 40.
SL/TP setting trader can change enable TP and SL, distance TP uses ATR multiplier, likewise for SL.
SL/TP lines setting to show or hide SL/TP lines.’ Trader also can modify setting for alert settings, signal settings, and dashboard settings.
Timeframe best for Dark point
One advantage of the Dark point indicator is that the dashboard displays win rate statistics, the number of signals that appear, and the total win. So traders can use these statistics to choose the best timeframe.
By exploring the use of indicators more, maybe you can find the best pair and timeframe. Based on our experience, this indicator works well on the H1 timeframe, from several pairs that have been tested including EURUSD, USDJPY, and GBPUSD.
Dark Point broker recommendation
Authors may work with certain brokers and suggest brokers, especially ECN types. ECN brokers provide better in terms of order speed, and market depth, and at certain brokers even spreads to zero.
There are many ECN Brokers that you can choose from, of course with various considerations that you have set regarding various things. Regulations, spread or commission fees, customer support, server quality, and so on.
Dark Point indicator review traders
The dark point indicator has received 239 reviews, most of which gave positive reviews with a rating of 4.85.
It means that the users of this indicator get satisfaction by using the indicator for the tool. But some traders ask for scanners that can facilitate trading signals to the author. For this, as support, he offers Dark power for $39.
Comments that come on the Dark point of this indicator also get 301 comments responses with an average of giving good comments on the indicator.
Is the Dark Point indicator good?
Based on functionality, a Dark point is a good indicator, there traders can get a kind of trading guide to determine stop loss and profit targets as well as buy and sell signals.
However, whether this indicator is profitable or not, according to the win rate displayed on the dashboard, you still need to do a backtest or forward test. It is safer to use an ECN demo account, for example, FXOpen demo ECN, to test the Dark Point indicator.
Dark Point indicator pros and cons
Pro
|
Cons
|
| Easy to use | The win rate does not represent real |
| Customizable setting | No specific best timeframe |
| Support all pairs and timeframe | No scanner to choose the best pair |
| Adjustable SL and TP | No specific risk management value |
| Not repaint and lagging | Need the patience to wait for a new signal alert |
Final thought
The Dark Point indicator is a trading indicator created by third-party developers, not available by default in Metatrader 4. To download it is in the MQL5 market section free indicators for Metatrader 4.
For beginners, this is quite useful for trading guidance using stop loss and specific profit targets determined by the ATR formula which is the indicator size.
As is known ATR is useful for measuring the average price movement at a certain timeframe, which is widely used to determine targets and stop losses.
Note: this article is for informational purposes only and is not investment advice or solicitation. CFD forex, Crypto is high risk. Each investor is responsible for their investment.
You may like
1 comment
Newsletter