Hello,

I'm Mike Semlitsch, the developer of this indicator.

I will now give you some tips how you can even improve the performance of this great signals:

1. Please use the signals of the timeframes M30 and higher
2. Trade only those Double Tops/Bottoms where the reversal shows the strongest momentum
3. Especially good are those Double Tops/Bottomes where the right leg took out a recent High/Low and then sharply reverses
4. If you want to be extra picky with your trades then take only Double Top signals within major resistance zones and Double Bottom signals within major support zones. This leads to extremely big winners on a regular basis!

I will soon release an Alerter-Tool with which you can define major support/resistance zones. The Alerter-Tool will then give you signals of all timeframes within those zones. With the Alerter-Tool you don't have to watch the markets all day!

If you have any questions, then please ask me.

To your success!

Regards
Mike Semlitsch

A good Double Top/Bottom should take out a recent Top/Bottom followed by a fast rejection. The fast rejection shows the strong momentum of the move. The strong momentum is a sign that the smart money has most probably finished its accumulation phase and starts its profit release phase (the big move).

Examples of good Double Tops/Bottoms with stop levels taken out:

Recent high is taken out, then fast rejection downward:

Recent low is taken out, then fast rejection upward:

Trend continuation trade, but multiple recent (smaller) highs are taken out:

Example of a bad Double Bottom:

Bad Double Bottom because -> no recent low is taken out:

also bad because -> signal is not at the lower boundary of the trend channel:

Example of a good Double Bottom near lower boundary of the channel of the downward trend:

Example of a bad Double Top/Bottom:

No recent high/low are taken out. Signals are not within a trend / near outer boundary of channel. Although both signals reached 1R you should not trade such signals:

If you have any questions, then please ask me.

To your success!

Regards
Mike Semlitsch

The following screenshot shows what i mean with major support/resistance zones. This chart shows the daily timeframe (the bigger picture). The orange and blue rectangles are showing the areas where the price will have problems to break throw (resistance and support). Often the direction of the trend will reverse within these areas. Now imagine how big your winners can get if you catch the reversal of the trend (e.g. the trend changes from downward trend to upward trend) at the lowest point of the downward trend with a double bottom signal on the timeframe H1. You will have a tiny stop of e.g. 40 pips and a huge profit potential of several hundred pips! This is professional trading with multiple edges:

Edge #1: High probability double bottom signal on lower TF

Edge #2: The big picture (the major support) adds to the quality of the signal of the lower TF

If you have any questions, then please ask me.

To your success!

Regards
Mike Semlitsch

As I said before. Within major support zones double bottom signals can produce big winners. Today on USDJPY M15:

I love great feedback when it arrives in my inbox :)

when does the arrow show up? immediately when line is broken? or at the close of broken line?

Hi, 

There is new version 1.2. Now how do you upgrade because it still shows version 1.1

Thanks 

Hi Forexfacilitat,

i have asked the support of mql5. Once i get response I will PM you!

Best regards
Mike Semlitsch

Hi Marvin,

sorry for my late reply. I wasn't able to answer during the last 7 days.

Yes the arrow shows up immediately when the neckline is touched. It doesn't wait for the closed candle.

Best regards
Mike Semlitsch

These are the last 3 signals of the double top/bottom indicator on USDCHF on H1. I promise this indicator doesn't repaint :) You can check that in the strategy tester of MT4.

The Double Top/Bottom indicator detected last Friday a double top on USDCAD M5 which got a 7R winner. This morning a double bottom was detected which got a 2R winner:

The double top winner was so huge because the previous upward trend was broken (trend line broken) as you can see on the timeframe M30:

In the following video you can see a forward test on M5 in the strategy tester of MT4 that these signals were signaled in real-time:

Besides multiple other signals the Double Top/Bottom Indicator detected a double bottom on EURNZD on M15 within a support zone. It got a 4R winner:

Here is one example of a trend continuation double bottom and a trend reversal double top. The positions of both signals within the trend is good. The pullback during the uptrend gave room for big upward move after the double bottom signal. The double top occurred at the upper boundary of the trend channel which a great position for a trend reversal signal:

You can read the signals in real-time like this:

double doubleTop = iCustom(Symbol(), Period(),"Ultimate Double Top Bottom Reversal Indicator", "", 11,0);

if (doubleTop < 2147483647 && doubleTop > 0) {
  
        //double top signal
  
}


double doubleBottom = iCustom(Symbol(), Period(),"Ultimate Double Top Bottom Reversal Indicator", "", 10,0);

if (doubleBottom < 2147483647 && doubleBottom > 0) {
  
        //double bottom signal
    
}

Best regards

Mike Semlitsch

Two great trend continuation double tops occurred on GBPNZD M5. Both signals together made 17R profit!

And in following video you can see that the signals are detected in real-time and that the indicator does NOT REPAINT:

Not Scanner For Multi Pair And Multi Time Frame ?

Hi Arthit,

sorry for my late reply. I didn't saw your message.

I have submitted the new product Double Top/Bottom Scanner for review. It should be available in the market within the next days.

Best regards
Mike Semlitsch

Hello,

and thank you to all people who purchased the indicator!

Attached is a document which explains how to trade Double Tops/Bottoms as trend continuation signals. Please check. These are extremely good setups.

Best regards
Mike Semlitsch

Hello,

and thank you to all people who purchased the indicator!

Here is a document which explains how to trade Double Tops/Bottoms as trend continuation signals: Trend Continuation Double Tops/Bottoms

Please check. These are extremely good setups.

Best regards
Mike Semlitsch

Question.... I am renting this product and I am unable too get it too work.

I have it on the MT4 software that I am using maybe I've over looked something?

Can you advice me?

Thanks