Description
The PZ Double Top/Bottom Indicator is a technical tool for MetaTrader that detects double top and double bottom reversal patterns automatically on your charts. These patterns occur when price forms two consecutive peaks (double top) or valleys (double bottom) at similar levels, often signaling a potential reversal in trend.
This indicator identifies these formations and confirms them with a Donchian breakout in the correct direction before issuing a trade signal. This confirmation step greatly improves signal reliability and reduces false positives, making the indicator mostly non-repainting despite the inherent variability of pattern formation.
In addition to detecting patterns, the indicator provides:
- Visual trade signals with breakout arrows
- Automatic stop-loss and take-profit level suggestions based on price structure
- Built-in performance tracking and win/loss stats
- Alerts via screen, sound, email, and push notifications
- Fully customizable visual and alert settings
It supports customizable retracement requirements, amplitude control to find small or large patterns, and full drawing and alert preferences. This makes it ideal for both discretionary and systematic traders seeking high-quality reversal setups.
Key Features
- Detects both double tops and double bottoms in real time
- Confirms patterns using Donchian breakout logic
- Shows SL and TP levels for each pattern detected
- Tracks pattern performance with statistics dashboard
- Customizable Fibonacci retracement rules (Min/Max)
- Alerts via screen, email, push notifications, and sound
- Non-repainting signals after breakout confirmation
- Simple and effective design with minimal configuration
Technical Details
- Patterns are evaluated at bar close (not every tick)
- Pattern lines may repaint while they are forming
- Final signals appear only after breakout confirmation
- Can be used on any symbol and any timeframe
- Multiple instances allowed with different amplitudes
Trading Notes
- Best used during volatile market conditions
- Avoid trading signals against strong trends
- Use with trend filters or confluence zones for better results
Input Parameters
- Amplitude – The minimum number of bars between swing highs and lows. Use a larger value to find bigger, more significant patterns.
- Breakout Period – Number of bars used to evaluate the Donchian breakout that confirms the trade.
- Min. Retracement – Minimum retracement percentage of the pattern (Fibonacci-based). Helps ensure structure validity.
- Max. Retracement – Maximum retracement percentage allowed for valid patterns.
- Max History Bars – Number of candles to scan on chart load. A lower value loads faster; a higher value detects more past patterns.
- Display Stats – Show or hide the performance dashboard with stats like win/loss ratio and success rate.
- Display SL/TP Levels – Toggle to show or hide the automatic stop-loss and take-profit levels for each trade signal.
- Drawing Options – Customize colors and thickness for bullish and bearish pattern lines, labels, and fonts.
- Breakouts – Set the color and size of the breakout arrows that confirm trade direction.
- Alert Events – Choose whether alerts should trigger for pattern formation, breakouts, or both.
- Alerts – Enable or disable visual, sound, push, and email alerts.
