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Double Top and Bottom Pattern

5
What is Double Top and Bottom

Double top and bottom patterns are chart patterns that occur when the underlying investment moves in a similar pattern to the letter "W" (double bottom) or "M" (double top). Double top and bottom analysis is used in technical analysis to explain movements in a security or other investment, and can be used as part of a trading strategy to exploit recurring patterns.

Indicator shows you 2 Level target and stop loss level. Stoploss level and Take profit can be adjusted depending on your risk tolerance.


The following alert types are available:

- Popup alert,

- Email ( Settings in metatrader 4 stations necessary: instruction ),

- Notification to mql5 app ( Settings in mql5.com profile necessary: instruction  ),

- sound,

- Comment at screen,

- log at expert tab


INPUT PARAMETER

*** Pattern setup

Min Points - Min points between Highs and Lows

Trend Move Min Bars - Checking min bars

Trend Move MaxBars - checking max bars

Enable reversal signal - Enable reversal signal

Enable continuation signal - Enable continuation signal

Signal Valid Bars - Signal line(Orange Line) , signal appaers if price hit this line. you can define how many bars to obeserve price after pattern appears

*** Trade setup

Stoploss Offset Points - Offset of stoploss from High or Lows (Red line)

Entry Offset Points - Offset signal line in Points (Orange Line)

Target Level Percent - Perscent of first Trand line (Yellow line)

Safe Level Percent - Perscent of first Trand line (Blue line)

*** Visualisation

Panel Offset - Panel offset on chart

AlertType

Reviews 1
Aravind Kolanupaka
8332
Aravind Kolanupaka 2022.03.29 17:51 
 

Good work. Much superior to all of the double top and double bottom indicators available in the market.

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Aravind Kolanupaka
8332
Aravind Kolanupaka 2022.03.29 17:51 
 

Good work. Much superior to all of the double top and double bottom indicators available in the market.

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Version 1.10 2019.04.03
- continuation signal is added
- User Parameter "Enable reversal signal" is added
- User Parameter "Enable continuation signal" is added