Double Top / Bottom 5.6

Metatrader Indicator (MT4/MT5)

  • Overview

    A double top or bottom is a chart pattern, characterized by two consecutive peaks or valleys in price, that signals a potential price reversal. Efficient reversals take place after a prolonged trend. This price pattern is more reliable on higher timeframes.

    • Clear trading signals
    • Customizable colors and sizes
    • Implements performance statistics
    • Customizable fibonacci retracement levels
    • It displays suitable stop-loss and take-profit levels
    • It implements email/sound/visual alerts

    These patterns can expand, and the indicator follows the pattern by repainting. However, the indicator implements a twist to make it easier to trade: it waits for a Donchian breakout in the right direction before signaling the trade, making its signals very reliable and mostly non repainting.

  • Input parameters
    Input parameters

    When loading the indicator or EA to any chart, you will be presented with a set of options as input parameters. Don't despair if you think they are too many, because parameters are grouped into self-explanatory blocks.

    Amplitude
    The amplitude represents the minimum amount of bars between alternative price points. To find big patterns, increase the amplitude parameter. To find smaller patterns, decrease the amplitude parameter.
    Breakout Period
    A donchian breakout is needed for a signal to arise after a pattern is found, and this indicator controls the amount of bars used in aforementioned breakout.
    Min. Retracement
    The minimum fibonacci retracement needed in a pattern.
    Max. Retracement
    The maximum fibonacci retracement possible in a pattern.
    Max History Bars
    Amount of past bars to evaluate when the indicator loads in the chart.
    Display Stats
    Show or hide the statistics dashboard and performance data.
    Display SL/TP Levels
    Show or hide the suitable stop-loss and take-profit levels for each signal.
    Drawing Options
    Colors and sizes for bullish or bearish lines and labels, as well as font sizes.
    Breakouts
    Colors and sizes for breakout arrows.
    Alert Events
    Enable or disable alerts for patterns and breakouts.
    Alerts
    Enable or disable alerts at will.
  • ? FAQ
    Does the indicator repaint?
    Yes, the indicator can repaint if the market ignores a pattern and keeps moving in the same direction. However, breakouts are mostly non repainting. A high "breakout period" value will decrease the repainting significantly.
    Does the indicator implement alerts?
    Yes, it does. It implements alerts of all kinds.
  • </> Developers

    In order to build your expert advisor, you can read data from the indicator using the iCustom() function as exemplified below. The indicator has one extra buffer which only purpose is to store trading signals as constants: this is the only buffer you need to read from. Copy and paste the code below into your EA, and replace the indicator name of the iCustom() call with your own.

    //---- Read value from data buffer
    int start()
    {
    // Read signal and pattern
    double pattern = iCustom(Symbol(), Period(), "PZ_DoubleTopBottom_LICENSENUM", 0, 1);
    double signal   = iCustom(Symbol(), Period(), "PZ_DoubleTopBottom_LICENSENUM", 1, 1);
    // Do something
    if(pattern == OP_BUY)    { /* Your code for double bottom (no breakout yet) */ }
    if(pattern == OP_SELL)   { /* Your code for double top (no breakout yet) */ }
    if(signal == OP_BUY)      { /* Your code for bullish breakout */ }
    if(signal == OP_SELL)     { /* Your code for bearish breakout */ }
    if(signal == EMPTY_VALUE) { /* Your code if no pattern or breakout */}
    // Exit
    return(0);
    }
  • Comments

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Screenshots

Double Top / Bottom Indicator for Metatrader
Double Top / Bottom Indicator for Metatrader
Double Top / Bottom Indicator for Metatrader
Double Top / Bottom Indicator for Metatrader
Double Top / Bottom Indicator for Metatrader
Double Top / Bottom Indicator for Metatrader
Double Top / Bottom Indicator for Metatrader