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Ultimate Double Top Bottom Reversal Indicator FREE
This indicator is designed to detect high probability reversal patterns: Double Tops/Bottoms with fake breakouts.
This is the FREE version of the indicator: https://www.mql5.com/en/market/product/26371
The free version works only on EURUSD and GBPUSD!
Please read also the blog post "Professional Trading With Double Tops/Bottoms And Divergences!" which explains the concepts behind the ULTIMATE Double Top/Bottom indicator and how you can use a professional top-down approach.
The provided video shows the maximum performance of the indicator.
With maximum performance, I mean that this could have been the profit if you would have exited every trade at the optimal price level. Of course, this can’t be achieved during real trading conditions where you don’t know future price moves.
But the video shows that the raw signals of the indicator (without visual filtering) produced 24 winning trades and only 11 losing trades. In the video, I count a trade as a winning trade if it reaches at least 1R profit (1R = initial risk of the trade). So, these raw signals would be already very profitable if you place the target for all trades at 1R and then leave the trade alone, without trying to find the optimal exit.
This indicator draws the double tops/bottoms on the chart and gives alerts via Email and via MT4-alert in the moment when a high probability double top/bottom entry signal is created.
What this indicator detects:
These special Double Tops/Bottoms are created by the smart money to accumulate its own position size. With the fake breakout the smart money traps as much traders on the wrong side of the market as possible. Then the smart money reverses the direction very sharply. The trapped traders are in panic and exit their position or even reverse their position. This makes the reversal very strong and profitable. The indicator detects exactly these games of the smart money and therefore gives you high probability entry signals.
This indicator does NOT repaint. You can test it in the strategy tester. Then you will see that these good signals come in real-time on every trading instrument and on any timeframe!
- I use this indicator on M30 and higher. Then there is less noise in the price moves and I have usually more time to react on entry signals.
- When a signal occurs then ask yourself if there is enough room for a big subsequent move in direction of the trend (support/resistance far away?).
Don't miss these good setups anymore
Nobody can scan e.g. 30 trading instruments and up to 8 timeframes (=240 charts) without missing some of these setups. Therefore, I have created a Scanner-Tool which checks up to 30 instruments and 8 timeframes permanently for you which needs to run only on one single chart and which is also available here in the market. You will then receive alerts via MT4-alert, Email or Push for all setups on all configured trading instruments and timeframes in the moment when the signals occur. With this great tool you will never miss such setups again.
Here is the link for the scanner tool "Ultimate Double Top Bottom Reversal Scanner"
- candlesCalculated: How many candles backward should the indicator show the double tops/bottoms
- alertsLong: True = Yes, False = No - if true, then the indicator alerts occurrences of "Double Bottom"-signals for long entries
- alertsShort: True = Yes, False = No - if true, then the indicator alerts occurrences of "Double Top"-signals for short entries
- alertsViaMT4: True = Yes, False = No - if true, then the indicator gives alerts via MetaTrader 4 popup
- alertsViaEmail: True = Yes, False = No - if true, then the indicator gives alerts via email
- alertsViaPush: True = Yes, False = No - if true, then the indicator gives alerts via push-notifications