In this article we report our first investigations of a new contactless localizing sensor based on the propagation of slow waves in metamaterials. Using the properties of magnetoinductive waves in a one dimensional metamaterial we are able to unambiguously locate a nearby object. This works because when an object impinges on the near field of the metamaterial's meta-atoms, it introduces a local defect resulting in the reflections of magnetoinductive waves. Key performance metrics are investigated and the ultimate horizontal range of the sensor is demonstrated to be directly linked to the metamaterials quality. An algorithm is devised based on the standing waves modes. The effect of terminating the structure with a matching impedance is discussed. Unambiguous localization of a single object is possible using a low-complexity algorithm, when the object interacts strongly with the metamaterial structure.