Double Top Bottom Patterns for MT4 automatically scans price charts and identifies best double top or double bottom pattern trading opportunities. The indicator also confirms the pattern’s price breakout and gives BUY or SELL arrow trading signals. Forex traders can now focus on the pattern and not search for it.
This indicator is suitable for both new and experienced forex traders. For advanced traders, it is possible to combine support and resistance, channel breakouts and trendlines to confirm the pattern. This pattern is good for all time frames, including intraday charts. It also works well on daily, weekly, and monthly charts. Higher time frames produce larger, more tradeable patterns.
Double Top Bottom Patterns Indicator For MT4 Trading Signals
The GBPJPY H1 chart above shows the Double top-bottom patterns indicator for MT4. This indicator plots bullish and bearish patterns for SKY BLUE, as well as patterns for Salmon. It also displays the BUY Arrow trading signal in BLUE, and the SELL Arrow signal in RED. If necessary, the indicator can recalculate or redraw the patterns.
If the pattern is complete and a breakout occurs, the indicator will provide BUY or SELL arrow trading signals. Forex traders can visualise the pattern, wait for a breakout, and then enter the market.
A double bottom signals a bullish trend reversal pattern. Forex traders can open a BUY trade with a stop loss at the entry point below half of the pattern. Double the size of the pattern is the best take-profit point.
A double top, on the other hand, is a bearish-reversal chart pattern. This signal is either the end of an upward trend or the start of a downward trend. Forex traders can then place a SELL order and enter the market. The stop loss is placed at the top of the entry point, with a pattern size that is half the size. The best way to make a profit is to measure the size of your pattern and multiply it by 2.
The Double top bottom patterns indicator (MT4) is a very efficient tool. It scans patterns and alerts forex traders. The best forex signals are the BUY/SELL Arrow trading signals. Forex traders must use additional confirmation methods before they enter a trade. The indicator is also free to download and simple to install.