The Double Top Bottom Patterns indicator for MT4 scans the price charts automatically and identifies the best double top and double bottom pattern trading opportunities. Moreover, after the pattern, the indicator confirms the price breakout and provides BUY and SELL arrow trading signals. So forex traders can focus on trading the pattern rather than searching for one.
The indicator works well for new and advanced forex traders. New traders will find it easy to spot the patterns, while advanced forex traders can combine support and resistance, channel breakouts, and trendlines for additional confirmation of the pattern. The pattern works well in all intraday chart time frames and daily, weekly, and monthly charts, with higher time frame charts producing more significant, tradeable patterns.
Double Top Bottom Patterns Indicator For MT4 Trading Signals
The above GBPJPY H1 chart shows the Double top-bottom patterns indicator for MT4. The indicator plots bullish patterns in SKY BLUE and bearish patterns in Salmon. Moreover, it shows the BUY arrow trading signal in BLUE and SELL arrow signal in RED. The indicator may recalculate and redraw the patterns if necessary.
If the pattern is completed and a breakout occurs, the indicator provides BUY and SELL arrow trading signals. So forex traders can visualize the pattern, wait for a breakout, and enter the market.
A double bottom is a bullish reversal pattern that signals a downtrend’s end and an uptrend’s beginning. Forex traders can enter a BUY position with a stop loss below the entry point at half the size of the pattern. The best take profit point is double the size of the pattern.
Similarly, a double top is a bearish reversal chart pattern. It signals the end of an uptrend and the beginning of a downtrend, so forex traders can place a SELL trade and enter the market. The stop loss is placed above the entry point with half the size of the pattern. However, the best take profit can be obtained by measuring the size of the pattern and multiplying it by two.
Double Top Bottom Patterns MT4 Forex Indicator Free Download
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The Double top-bottom patterns indicator for MT4 is an efficient tool that scans the patterns and alerts the forex trader. Moreover, the BUY and SELL arrow trading signals provide the best forex trading signals. However, forex traders should apply additional confirmation methods before entering the trade. Additionally, the indicator is free to download and easy to install.