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Thursday, 30 March 2023
Double Top Bottom Patterns Indicator for MT4 Trading SignalsDouble Top Bottom Patterns Indicator for MT4 Trading Signals
Double Top Bottom Patterns Indicator for MT4 Trading SignalsDouble Top Bottom Patterns Indicator for MT4 Trading Signals

Double Top Bottom Patterns Indicator for MT4 Trading SignalsDouble Top Bottom Patterns Indicator for MT4 Trading Signals

Watch the testing video here:

Double Top Bottom Patterns Indicator for MT4 Trading Signals

 

The MT4 Double Top Bottom Patterns indicator examines the price charts automatically and finds the finest trading opportunities for double top and double bottom patterns. In addition, the indicator validates the pattern's price breakout and gives BUY and SELL arrow trading indications. As a result, rather than looking for a pattern, forex traders can concentrate on trading it.

The indicator is suitable for both new and experienced forex traders. The patterns will be easy to recognize for new traders, while professional forex traders can use a combination of support and resistance, channel breakouts, and trendlines to confirm the pattern. The pattern performs well in all intraday chart time frames, as well as daily, weekly, and monthly charts, with larger, tradeable patterns appearing in higher time frame charts.

Double Top Bottom Patterns Indicator for MT4 Trading Signals

The Double top-bottom patterns indicator for MT4 is shown in action on the GBPJPY H1 chart above. Bullish patterns in SKY BLUE and bearish patterns in Salmon are plotted by the indicator. Furthermore, the BUY arrow trading signal is displayed in BLUE, while the SELL arrow trading signal is displayed in RED. If necessary, the indicator will recalculate and redraw the patterns.

If the pattern is completed and a breakout occurs, the indicator generates BUY and SELL arrow trading signals. As a result, forex traders can see the pattern and wait for a breakout before entering the market.

A positive reversal pattern, a double bottom marks the conclusion of a downtrend and the start of an upswing. Forex traders might enter a BUY position with a stop loss half the size of the pattern below the entry point. The best take profit point is double the pattern's size.

A double top, on the other hand, is a bearish reversal chart pattern. It indicates the end of an uptrend and the start of a slump, allowing forex traders to enter the market with a SELL transaction. The stop loss is positioned half the size of the pattern above the entrance point. The best take profit, on the other hand, can be determined by increasing the pattern's size by two.

Conclusion

The Double top-bottom patterns indicator for MT4 is indeed 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

 

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