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MT4 Double Top Bottom Patterns

The MT4 Double Top Bottom Patterns indicator is the best indicator for double tops and bottom identification. The indicator is free to download and is a popular choice among Forex traders.

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Description

The MT4 Double Top-Bottom Patterns Indicator is a price action indicator that identifies the double tops and bottom chart patterns. Double tops/bottoms in the financial markets suggest potential trend reversals.  Therefore, the indicator helps Forex traders identify these patterns (double tops/bottom) for potential buying or selling opportunities.

Features of the MT4 Double Top-Bottom Patterns Indicator for MT4

The indicator highlights double tops in SALMON color, suggesting a potential bearish trend reversal. Conversely, double bottoms are highlighted in a light sky blue, suggesting a potential bullish trend reversal.

Furthermore, the indicator comes with signal arrows for BUY/SELL entries. Additionally, the indicator is built with an alert system to notify traders of potential buying or selling opportunities.

Benefits of Using the Indicator

  • Pattern Recognition: The indicator helps traders identify valid double tops and bottoms on the price charts. Therefore, traders can anticipate a potential price reversal and make objective trading decisions with less hassle.
  • Buy and Sell Signal: The indicator displays signals for buy/sell entries. This helps to reduce false breakouts and improve trading efficiency for beginners and experienced traders.

Indicator Settings Description

The indicator comes with the following customizable settings:

Amplitude: Determines the minimum candlestick required to identify the double top/bottom patterns.

Max History Bars: Determines the maximum candlesticks to highlight double tops/bottoms.

Color of Bullish Pattern: Determines the color to highlight double tops.

Color of Bearish Pattern: Determines the color to highlight double bottoms.

Breakout enabled: Enables/Disables breakout identification.

Color of bullish breakouts: Determines the color to highlight bullish breakouts.

Color of bearish breakouts: Determines the color to highlight bearish breakouts.

Arrow Size: Determines the arrow size.

Breakout Period: Determines the period for price breakout.

Display Alerts: Enables/Disables alerts notification.

Email Alerts: Enables/Disables alerts via email notification

Push Alerts: Enables/Disables alerts via push notification.

Sound Alerts: Enables/Disables alert sound.

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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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