What is the Double Top Bottom Patterns Indicator for MT4?

The Double Top Bottom Patterns Indicator (DTBPI) is a technical indicator that helps traders determine when a market has entered a consolidation phase. The DTBPI shows two closed highs and two closed lows, which indicates that the market is in an indecisive stage. Intermediate-term buys and sell signals are triggered when the DTBPI crosses above or below the midpoint of its respective channel.

Double Top Bottom Patterns Indicator

Download the Free Double Top Bottom Patterns Indicator

How to use the Double Top Bottom Patterns Indicator for MT4?

To use the indicator on your MT4 platform,  open your charting software and ensure you are viewing the correct time frame (1 minute, 5 minutes, 15 minutes, or 30 minutes). Then locate the Double Top Bottom Pattern indicator and draw a line from each asset’s high point to its low point. Make sure you keep track of both asset values during this process to determine whether there has been a price reversal.

Double Top Bottom Patterns Indicator MT4 trading settings

Forex traders use the Double Top Bottom Patterns Indicator to identify potential trade setups. This indicator uses two moving averages to help analyze price action, and it can be used in MT4 and MetaTrader 4 (MT5).

The first Moving Average is used to determine the long-term trend direction, while the second Moving Average helps pinpoint where prices have hit bottom or top. When these points are crossed, this indicates that there is likely an upcoming reversal in the market direction.

To set up the indicator:

1) Open your Forex trading platform (MT4 or MT5).

2) Choose indicators from the right-hand column of your chart screen.

3) Find and select Double Top Bottom Pattern Indicators from among them.

4) Set its parameters: First Moving Average period = 14 days; Second Moving Averages period = 7 days; Bollinger Band Width = 2%.

Double Top Bottom Patterns Indicator Advantages

Forex traders use Double Top Bottom Patterns to identify potential opportunities in the market. This indicator can help you determine when prices are about to reach a new peak or trough and then make the necessary trading decisions accordingly. Here are some of its advantages:

-It is easy to use – Just set up the indicator, and it will automatically detect double tops and bottoms in price charts.

-It is reliable – The indicator’s performance has been proven repeatedly over many years of trading experience.

-It provides valuable information – This indicator can help you find profitable trades even during volatile markets.

Double Top Bottom Patterns Indicator Disadvantages

Traders can use several indicator types to improve their forex trading. However, some indicators have certain disadvantages that should be considered before using them in a trade.

One such indicator is the double top or bottom pattern. This pattern appears when two consecutive prices reach an extreme value (top or bottom) and then decline toward the original price level.

The disadvantage of this type of pattern is that it can be straightforward to get caught up in the excitement of the rally/decline and not pull your trades until after the fact. This could lead to losses if you don’t correctly predict where prices will go next.

Another common problem with many indicator types is that they tend to override other signals when they show a buy or sell signal. This might cause you to miss out on profitable opportunities due to being too focused on one specific strategy instead of looking at all possible options simultaneously.

It’s essential for traders to carefully consider which indicators work best for them and consider any potential disadvantages before making any trades.

Double Top Bottom Patterns Indicator installation on MT4

To install a Double Top Bottom Patterns Indicator on the MetaTrader 4 (MT4) platform, you will need to follow these steps:

  1. Download the indicator file in the .ex4 format from a reputable source.
  2. Open the MT4 platform and navigate to the “Navigator” tab.
  3. Click on the “Expert Advisors” button and select “Browse…”.
  4. Locate the downloaded indicator file and fix it.
  5. Click on the “OK” button to install the indicator.
  6. The indicator will appear in the “Navigator” tab under the “Custom Indicators” section.
  7. Drag and drop the needle onto a chart to activate it.
  8. Configure any necessary settings for the hand in the Properties window.

It’s essential to download the indicator from a reputable source and ensure that your version of MT4 is compatible with the hand. Also, you can refer to the indicator manual for the specific use of the hand and how to interpret the signals it generates. It is also important to note that the Double Top Bottom Patterns Indicator is a technical analysis tool that helps traders identify potential reversal patterns in the market by identifying and marking double tops and bottoms on the chart.

Double Top Bottom Patterns Indicator mt4

Double Top Bottom Patterns Indicator mt4 free download


The Double Top, Bottom Patterns Indicator, is a valuable technical analysis tool that can help traders identify potential reversal patterns in the market. Using this indicator, you can make informed decisions about when to sell and buy currencies.

Author: Dominic Walsh

I am a highly regarded trader, author & coach with over 16 years of experience trading financial markets. Today I am recognized by many as a forex strategy developer. After starting blogging in 2014, I became one of the world's most widely followed forex trading coaches, with a monthly readership of more than 40,000 traders! Make sure to follow me on social media: Instagram | Facebook | Linkedin | Youtube| Twitter | Pinterest | Medium | Telegram Channel | Quora | Reddit

Leave a Comment