Chart patterns are widely used in the financial markets to analyze the trend direction of an asset. One of the chart patterns is the double tops and bottoms used in identifying potential trend reversal trading opportunities.
Therefore, the Double Top Bottom Patterns Indicator is a MetaTrader 4 (MT4) technical analysis tool developed to identify potential double tops and bottom patterns in the Forex market. It is chart-friendly and can be used to identify scalping, day/intraday, and swing trading opportunities.
Features of the Indicator
The algorithms of the Double Top Bottom Patterns indicator identify two peaks or troughs of approximately the same price level using a triangle-like shape pattern. It then paints an upward or downward arrow after the price breaks above/below the trough/peak, signaling a potential double top or bottom.
The indicator also notifies Forex traders via email and mobile when it identifies potential double tops/bottoms. Also, the indicator’s parameters are fully customizable.
Benefits of Trading with the Indicator
- Visual Identification: The indicator aids in visual identification of the double tops/bottom patterns, making it easier to spot on the chart.
- Alerts and Notification: Another benefit of using this indicator is it sends notifications to traders when a potential double top/bottom is identified, which helps traders stay informed without monitoring the chart.
Indicator Description Setting
The indicator comes with the following customizable settings:
Amplitude: Sets the minimum bars required to find the double top/bottom pattern.
Max History Bars: Determines the maximum number of bars for analysis.
Color of bullish pattern: Defines the color of a bullish pattern.
Color of bearish pattern: Defines the color of a bearish pattern.
Breakouts enabled: Enables/Disables the detection of breakout.
Color of bullish breakouts: Defines the color for bearish breakouts.
Color of bearish breakouts: Defines the color for bearish breakouts.
Arrows Size: Defines the size of the arrow.
Breakout period: Period to calculate the breakout.
Display Alerts: Enables/Disables the display of alerts.
Email Alerts: Enables/Disables alerts via email.
Push Alerts: Enables/Disables alerts via mobile.
Sound Alerts: Enables/Disables sound on alerts.