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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!

Tips:

  • 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"


Parameters

  • 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
Chris Braem
126
Chris Braem 2018.07.11 11:38 
 

Excellent indicator. Just amazing it is possible to obtain such a indicator for free. Thanks Mike

vitoryu
60
vitoryu 2018.07.11 03:35 
 

excellent indicator! using it with MACD divergence is the BEST!

braddock
136
braddock 2018.07.10 16:44 
 

absolutly great!!!! Developper always helping

brown123
64
brown123 2018.07.10 12:54 
 

DTDB is great Also great support from Mike

Muhammet Simsek
894
Muhammet Simsek 2018.07.10 12:42 
 

I liked it very much!

Michael
32
Michael 2018.05.14 17:58 
 

Please note that the OS (buy) arrow is pointing down???

two trades two wins :-) Thanx

srdillip
25
srdillip 2018.05.02 15:47 
 

I have came across this indicator and really work well but you should evaluate your self before taking the trade. This is really simple and great.

Daniel
426
Daniel 2018.03.19 10:47 
 

Ultimate Double Top did work correct. My MQL4 is freecing allways. I cant work like that. Absolutley terribel.

Help from Mike is great. For now for stars.

1022852
14
1022852 2018.03.08 10:18 
 

Hi,

I'm gonna make it simple and short but with sincerity: the Ultimate Double Top/Bottom is not only working, it's working GREAT !!!

Thank's a lot to Mike, a great person and teacher, for his huge hard work and support to all members !

Cheers

Fred C

Tim Eubanks
4876
Tim Eubanks 2018.03.08 03:06 
 

Indicator is working now.

Clepsosoa15
34
Clepsosoa15 2018.03.06 11:35 
 

Excellent indicator. Very helpful

Mohamed FxMHMD
15
Mohamed FxMHMD 2018.03.06 10:54 
 

with a top down approach this indicator can show very profitable setups

klcsmn
189
klcsmn 2018.03.06 10:40 
 

Its smart and simple indicator.

cybeh
104
cybeh 2018.03.05 08:45 
 

This indicator is surprisingly simple yet awesome. It prompts you the Double Tops and Double Bottoms, coupled with sound trading strategies and money management, the win rates and profit potential are also surprisingly great! Check out the creator's website for detailed explanation on the top-down approach to trading successfully using this indicator. This free indicator is worth taking for a test drive, and the paid version is well worth a few cups of Starbucks latte.

Version 1.8 - 2018.05.17
Small change regarding the signal arrow for double bottoms. The arrow pointed downward instead of upward. Now, it is pointing upward again.
Version 1.7 - 2018.05.11
In the previous version, it could occur that the signals/arrows were faded out and faded in again (blinking). This bug is now fixed. The bug was only in this FREE version of the Ultimate Double Top Bottom Reversal Indicator
Version 1.6 - 2018.04.24
Optimized calculation. Faster/less CPU usage.
Version 1.5 - 2018.03.20
Symbols with prefix and suffix (e.g. EURUSDi, GBPUSDi) are now allowed too