The Tops & Bottoms Forecasting forex indicator for MT4 predicts possible tops and bottoms on all timeframes and currency pairs.
The indicator works on Jurik and Laguerre and fluctuates between 1.1 and -1.1 values.
A smoothing factor was added to help reduce the number of false top & bottom reversal signals.
- Red histogram bars represent a possible top.
- Green histogram bars represent a possible bottom.
It’s highly recommended to use this indicator together with a longer-term trend following indicator and only pick tops and bottoms in the direction of the trend.
For example, when the trend is up, only trade the bottom signals and ignore the top reversal signals.
Likewise, when the trend is down, only trade the top signals and ignore the bottom reversal signals.
Feel free to use this indicator together with other technical indicators (oscillators, momentum) or price action methods.
The EUR/USD M15 chart below displays the Tops & Bottoms Forecasting Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the Tops & Bottoms Forecasting MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy order when the Tops & Bottoms Forecasting indicator draws the first green histogram bar.
Place a stop loss below short-term support or use your own preferred SL method.
Sell Signal: Open sell order when the Tops & Bottoms Forecasting indicator draws the first red histogram bar.
Place a stop loss above short-term resistance or use your own preferred SL method.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (look back period, fast jma period, slow jma period, jma phase, price, lower percent to use, higher percent to use, bars width for display)Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: tops & bottoms
Copy and paste the Jma Ppo.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)