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Double Top Bottom Patterns

The Double Top Bottom Patterns indicator for MT4 is the best Forex indicator that identifies double tops/bottom patterns. It helps spot the patterns easily and confirms the price breakout after the pattern, providing BUY and SELL arrow trading signals.

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Description

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.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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