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Ultimate Double Top Bottom Reversal Indicator FREE

4.39

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
Reviews 20
John Winsome Munar
3485
John Winsome Munar 2022.06.16 01:15 
 

Simple and good indicator

Engel Waldemar
57
Engel Waldemar 2021.08.16 15:11 
 

Great indicator. Easy to use

kawid123
34
kawid123 2021.02.15 16:55 
 

smart and excellent indicator very helpful

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Filter:
John Winsome Munar
3485
John Winsome Munar 2022.06.16 01:15 
 

Simple and good indicator

Engel Waldemar
57
Engel Waldemar 2021.08.16 15:11 
 

Great indicator. Easy to use

aclayton5
64
aclayton5 2021.04.08 12:26 
 

Very good indicator

seniorbro2
80
seniorbro2 2021.02.16 02:15 
 

A useful addition to trading utilities. Thanks for making it available.

kawid123
34
kawid123 2021.02.15 16:55 
 

smart and excellent indicator very helpful

Vincent Sherreef Evans Jr
220
Vincent Sherreef Evans Jr 2020.10.14 21:17 
 

Not an good indicator, it doesnt give alot of signals and i found v shape on eurusd but the indicator didnt show, this indicators need more update!!!

Valentin Butorin
4114
Valentin Butorin 2020.10.03 13:20 
 

It works good

Ivan Shamin
366
Ivan Shamin 2019.12.06 23:43 
 

The indicator is too late with the signal.

Индикатор слишком опаздывает с сигналом. Был сигнал о двойной вершине через четыре 4-х часовые свечи после нее. Т.е. я ее и без него увидел 16 часов назад. Ну и на фиг он нужен в платной версии?

sunnychow
8665
sunnychow 2018.11.11 16:09 
 

1 Star (20%) = Bad

2 Star (40%) = Undecided

3 Star (60%) = Acceptable

4 Star (80%) = Good

5 Star (100%) = Excellente!

Chris Braem
136
Chris Braem 2018.07.11 11:38 
 

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

YNC C
58
YNC C 2018.07.11 03:35 
 

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

braddock
117
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
926
Muhammet Simsek 2018.07.10 12:42 
 

I liked it very much!

Michael
52
Michael 2018.05.14 17:58 
 

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

two trades two wins :-) Thanx

srdillip
35
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
716
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
19
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
5673
Tim Eubanks 2018.03.08 03:06 
 

Indicator is working now.

Clepsosoa15
37
Clepsosoa15 2018.03.06 11:35 
 

Excellent indicator. Very helpful

12
Reply to review
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