All indicators (or the majority) on this forum are trend following indicators. I don't think one can improve the trend following indicators who already exist. So is there somewhere an overbought/oversold indicator...or an indicator that works reliable on showing tops and bottoms. Not that I excpect (as some do) that it would show prefectly every top and every bottom because that is impossible. But an indicator who's not purely based on ex. the rsi because that is a bit to simple. An o/o indicator that is well tought of like the trend following indicators are well tought of. And who are not based on zig-zag or painting the past or who apear 5 bars after the top or bottom is made, or who would show us a signal after every up or down bar like the fractals do. But who can identify major tops and bottoms and who could work well in a ranging market and with a good stoploss strategy for a trending market and in combination with maybe some other indicators.
many TNX in advance... iGoR
Check out the Laguerre indicator. This will signal almost every bottom or top accurately - UNFORTUNATELY, it will also signal lots and lots of false turning points. Used in conjunction with other indicators though, it may be of value. Interesting nonetheless..........
laguerre for MT3
does anyone have laguerre for MT3
It's me your namesake
Look at this screenshot and you can see my Fractal Channels.
Maybe it's necessary for you.
TNX a lott Igor for your reply. But that was not realy what I was looking for...I think that the laguerre indicator togheter with the Filter_AO is getting the closest to what I was thinking of.
It's still not realy what I'm looking for but I know what I'm looking for is difficult to make.
I saw some system (indicator) in metastock that are doing nice but like is said that can not be acheved with only one standard indicator. Don't know if you know the guy Steve Karnish ?...he made some nice formulas in metastock for oversold overbought situations...would be nice to have them in MT4.0 but we can't have everything that MS or omega tradestation has in to MT4.0.
friendly greetings and TNX again...iGoR
Murray Math lines work like ob/os levels
CCI is better.
hi Igorad, where can I find the fractal channels indicator?
It is here https://www.mql5.com/en/forum/178341/page2
i hope this is of use for you.
CCI overheats to early as for overbought/oversold indicator.
I've been using it for couple of months on live account with good results, but now the market is in overbought/oversold condition on several crosses for several days, and CCI give me reverse signals too early, so I lost money.
I recommend RSI combo, 3 i 14 on one window, looking at those two will tell you everything you want to know. It's like SuperRSI
RSI (3 period) will give you early warnings
RSI (14 period) value, shows you if there is a trend on the market, and how strong it is.