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Double top and bottom patterns are chart patterns that occur when the underlying investment moves in a similar pattern to the letter “W” (double bottom) or “M” (double top). Double top and bottom analysis is used in technical analysis to explain movements in a security or other investment, and can be used as part of a trading strategy to exploit recurring patterns.
You can find MT5 version hier
Indicator shows you 2 Level target and stop loss level. Stoploss level and Take profit can be adjusted depending on your risk tolerance.
The following alert types are available:
– Popup alert,
– Email ( Settings in metatrader 4 stations necessary: instruction ),
– Notification to mql5 app ( Settings in mql5.com profile necessary: instruction ),
– sound,
– Comment at screen,
– log at expert tab
INPUT PARAMETER
*** Pattern setup
Min Points – Min points between Highs and Lows
Trend Move Min Bars – Checking min bars
Trend Move MaxBars – checking max bars
Enable reversal signal – Enable reversal signal
Enable continuation signal – Enable continuation signal
Signal Valid Bars – Signal line(Orange Line) , signal appaers if price hit this line. you can define how many bars to obeserve price after pattern appears
*** Trade setup
Stoploss Offset Points – Offset of stoploss from High or Lows (Red line)
Entry Offset Points – Offset signal line in Points (Orange Line)
Target Level Percent – Perscent of first Trand line (Yellow line)
Safe Level Percent – Perscent of first Trand line (Blue line)
*** Visualisation
Panel Offset – Panel offset on chart
AlertType
