Double Top Bottom Patterns Indicator
MT4’s Double Top and Bottom Pattern indicator automatically scans price charts and identifies the best double top and double bottom pattern trading opportunities. In addition, the indicator confirms price breakouts following patterns and provides buy and sell arrow trading signals. As a result, forex traders can focus on trading patterns rather than looking for a pattern.
The indicator is suitable for both novice and advanced forex traders. New traders will find it easy to spot patterns, while advanced forex traders can combine support and resistance, channel breakouts and trendlines to further confirm patterns. The pattern is applicable to all intra-day chart time frames as well as daily, weekly and monthly charts, with higher timeline charts yielding larger tradable patterns.
If the pattern completes and a breakout occurs, the indicator will provide buy and sell arrow trading signals. Therefore, Forex traders can visualize the pattern and wait for the breakout and enter the market.
A double bottom is a bullish reversal pattern that marks the end of a downtrend and the beginning of an uptrend. Forex traders can set a buy position with a stop loss at half the size of the pattern below the entry point. The best profit taking point is twice the size of the pattern.