Working on a system that is going well but can get caught out on its final signal to buy/sell when it is at a top/bottom.
Wanted to get some ideas from the forum as to what indicators might be good to identify general tops/bottoms so the system can at least avoid signalling a buy into a top or a sell into a bottom. Would be willing to have the system miss a few trades just to avoid this situation.
I should say that I am trying to make this system as mechanical as possible , so an indicator which has to be interpreted may not be the best.
I have found some indicators (extreme spikes, cycle identifier, etc.) but they repaint and can often pick out a top/bottom really quite early which means a lot of missed trades.
Thanks for any help or suggestions that can be given.
You can try the one from this post (don't worry about the thread name, at that post it is a metatrader source) : https://www.mql5.com/en/forum
Just one idea for what you need ...
Thanks mladen for getting back to me.
I put that indy on the chart but unfortunately it would not have kept me out of the bad signals the system generates.
Very frustrating as there are not too many bad signals but when they're bad, they're really bad. Buying at the peak, selling at the bottom.