Ultimate Double Top Bottom Indicator MT5 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/29957
The free version works only on EURUSD and GBPUSD!
Double top and bottom patterns are chart patterns that occur when the trading instrument moves in a similar pattern to the letter "W" (double bottom) or "M" (double top). The patterns usually occur at the end of a trend and are used to signal trend reversals very early.
What this indicator detects:
This indicator detects a special form of Double Tops and Bottoms, so called Double Tops/Bottoms with fake breakouts.
For double tops with fake breakouts the highest price of the right shoulder must be higher than the left shoulder. For double bottoms with fake breakouts the lowest price of the right leg must be lower than the left leg.
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.
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 many example signals and 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, Push and via MT5-alert in the moment when a high probability double top/bottom entry signal is created.
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?).
- candlesCalculated: With this parameter you can define how many candles backward the indicator should show the double tops/bottoms. The default 2000 means that the indicator will show double tops/bottoms on the newest 2000 candles only.
- 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
- alertsViaMT5: True = Yes, False = No - if true, then the indicator gives alerts via MetaTrader 5 popup
- alertsViaEmail: True = Yes, False = No - if true, then the indicator gives alerts via email
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With this system you can spot high-probability trades in direction of strong trends. You can profit from stop hunt moves initiated by the smart money! Important Information How you can maximize the potential of the scanner, please read here: www.mql5.com/en/blogs/post/718109 Please read also the blog about the usage of the indicator: Professional Trading With Strong Momentum This FREE Version of the indicator works only on EURUSD and GBPUSD. The full version of the indicator can be found here:
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⭐⭐⭐⭐⭐ I am glad to welcome you on the page of my product - I am its author Vasily Strukov.⭐⭐⭐⭐⭐ The most important task of the trader is to discover the trend and follow it. Peace - a trend indicator, used to determine the current trend. I use it to set the trading direction for the Idea Pro mt5 adviser (trade buy or trade sell). It works on all instruments - forex, indices, oil, gold, stocks and all time frames. Recommended time frame H1. For any questions you can write me a message here
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⭐️⭐️⭐️⭐️⭐️ You want to become a constantly profitable 5-star forex trader? ⭐️⭐️⭐️⭐️⭐️ 1. Read the basic description of our simple trading system & and it's major strategy update in 2020 2. Send a screenshot of your purchase to get your personal invitation to our exclusive trading chat Lighthouse is an amazing precise and reliable support and resistance indicator. It displays the most important trading levels and draws them according to their relevance. If a level is clearly br
⭐️⭐️⭐️⭐️⭐️ You want to become a constantly profitable 5-star forex trader? ⭐️⭐️⭐️⭐️⭐️ 1. Read the basic description of our simple trading system & and it's major strategy update in 2020 2. Send a screenshot of your purchase to get your personal invitation to our exclusive trading chat FX Trend displays the trend direction, duration, intensity and the resulting trend rating for all time frames in real time. You'll see at a glance at which direction the trends are running, how long t
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As it name implies, this is an exaustion oscillator. However, you may wonder: what differs you from others oscillators like RSI, Stochastic, CCI etc? The difference is that ours is more powerful and accurate ! Your oscillator filters the nois e made by other oscillators, and shows you only the exact moment to enter the trade. Of course, using it alone, like any other indicator, has its risks. Ideally, reconcile it with technical analysis and/or others indicators. Signals emitter for paid version
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Did You Have A Profitable Trade But Suddenly Reversed? In a solid strategy, exiting a trade is equally important as entering. Exit EDGE helps maximize your current trade profit and avoid turning winning trades to losers. Never Miss An Exit Signal Again Monitor all pairs and timeframes in just 1 chart ► www.mql5.com/en/blogs/post/726558 How To Trade You can close your open trades as soon as you receive a signal Close your Buy orders if you receive an Exit Buy Signal. Close your Sell orde
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An Outstanding Indicator... Get simple, effective trade opportunities with Pivot Prof and use the levels professionals use. No other indicator does what Pivot Prof does, so read on and get ready to change your trading today... Pivot Prof is feature rich and uses special algorithms to calculate and display trading levels from multiple timeframes on a unique easy to read chart, with all the alerts and full customization. More Pivot Prof Info Here ► Pivot Prof - Trading An Edge Plus claim
The Missing Edge You Need To Catch Breakouts Like A Pro. Follow a step-by-step system that detects the most powerful breakouts! Discover market patterns that generate massive rewards based on a proven and tested strategy. Unlock Your Serious Edge Get it here ► www.mql5.com/en/blogs/post/723208 Have access to the game changing indicator that will take your trading to the next level! How To Trade Execute your trades in 3 Easy Steps! Step 1: Trade Setup Enter a signal if Success Rate is
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Tick charts measure the number of transactions per bar. To give you an example if you have a 233 tick chart, each bar measures 233 transactions per bar and a new bar is plotted after 233 transactions. You can choose any number of ticks per bar but most traders choose Fibonacci numbers (1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233...). The indicator uses tick data to plot the historical tick chart for a particular setting and real ticks for plotting live charts. This method of calculation gives ve
* Breakthrough Solution For Reversal Trading And Filtering With All Important Features Built Inside One Tool! Message Me Immediately After Purchase For Installation Help and V.I.P Access With Additional Strategies BlueDigitsFx Spike And Strike Reversal is a mixed oscillator that mixes the readings of a number of indicators, which makes it potential to precisely predict the development reversal. The Spike and Strike Reversal is composite and contains two modules, one among which is a fundamen
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