Forex Double Top And Bottom Scanner MT4 Indicator

Forex Double Top And Bottom Scanner MT4 Indicator:

About the Forex Double Top And Bottom Scanner MT4 Indicator

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.

Searching for this pattern among the charts is time consuming, this indicator searches among the symbols that selected by the user, and finds the double top/bottom pattern.

This indicator as an effective tool can be part of the strategy, used as an independent strategy or combined with another method.

For example: this indicator can be used when a divergence occurs or when a double top/bottom pattern is found, a momentum indicator in higher time-frame can be used for confirmation….

Each time several symbols are scanned, the indicator may finds patterns, but in the end, is up to you to determine if the pattern that found is valid or not, then take the position.

Capabilities:

  • Searching up to 100 symbols in 8 time-frames(800 different modes).
  • Graphical display of patterns.
  • Display the suggested order parameters(price/sl/tp) to simplify positioning.
  • Sending the alert and push notification
  • Simple user interface

Notice: Searching for several different symbols and time-frames may take a few seconds(depends on the number of symbols), after pressing the scan button to search you may see a few seconds lag to display results(which is normal).

Observe the following, to improve the performance of the indicator:

  1. Update symbol history in Meta-trader as much as possible.
  2. Remove unnecessary symbols and time-frames from the scan list.

Using this indicator is very simple and hope it will improve your trading result.

Test results:

Forex Double Top And Bottom Scanner MT4 Indicator

Copy and paste the file into the MQL4 Indicators folder of the Metatrader 4 trading platform.

You can access this folder from the top menu as follows:

File > Open Data Folder > MQL4 > Indicators (paste here)

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