The Double Top and Bottom Pattern forex indicator for MT4 scans and displays double top and double bottom reversal chart patterns on the Metatrader 4 chart.
The indicator draws the reversal chart pattern on the chart and displays the accompanying buy or sell arrow.
- A blue buy arrow suggests a double bottom chart pattern has been completed and it’s time to buy the pair
- A red sell arrow suggests a double top chart pattern has been completed and it’s time to sell the pair
For buy signals: place a protective stop-loss a few pips below the low of the double bottom chart pattern.
For sell signals: place a protective stop-loss a few pips above the high of the double top chart pattern.
The EUR/USD 4-Hour chart below displays the Double Top and Bottom Chart Pattern Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Double Top and Bottom Chart Pattern MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade when a blue arrow appears on the chart. This is a double bottom chart pattern.
Sell Signal: Open sell trade when a red arrow appears on the chart. This is a double top chart pattern.
Trade Exit : Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (amplitude; breakout period, display alerts) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: double top | double bottom
Copy and paste the double-top-bottom-patterns.ex4 into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)