en Double Top / Bottom 5.6
Metatrader Indicator (MT4/MT5)
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ℹ 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.
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Input parameters
When loading the expert 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.
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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.
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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); } - ✎
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Screenshots
