Double Top & Bottom Forex Indicator For MT5

The Double Top & Bottom indicator for Metatrader 5 can be used to pinpoint exact trade entries in trending markets.

It can be used as a classic “buy on dips” and “sell on rallies” technical indicator.

How to use it properly?

  • In an uptrend, pay attention to the red circled signals.
  • In a downtrend, pay attention to the green circled signals.

The indicator works for any trading instrument (Forex, Stocks, Indices, Metals, etc.) that can be loaded in the Metatrader 5 platform.

The following indicator inputs and parameters can be adjusted: minimum height/depth, maximum distance between twin tops, maximum number of bars after the top.

Make yourself familiar with this technical indicator and test it first on a demo account.

It supports all time frames and Forex pairs.

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Double_Top.mq5 Indicator (MT5)

Chart Example

The following chart shows how the Double Top & Bottom indicator looks like when applied to the MT5 chart.

How To Buy And Sell Forex Pairs With The Double Top & Bottom Forex Indicator?

Find a simple trading example below:

Buy Signal

  • A buy signal is given when the red colored circle appears on the chart and the overall trend is upward.
  • Open a long transaction and set your stop loss below the previous swing low price.
  • Close the buy trade at prior resistance levels or exit the trade for a fixed take profit target.

Sell Signal

  • A sell signal is given when the green colored circle appears on the chart and the overall trend is downward.
  • Open a short transaction and set your stop loss above the previous swing high price.
  • Close the sell trade at prior support levels or exit the trade for a fixed take profit target.

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Double_Top.mq5 Indicator (MT5)

Frequently Asked Questions

How Do I Install This Custom Indicator On Metatrader 5?

  • Open the MT5 trading platform
  • Click on the File menu button located at the top left part of the platform
  • Click on Open Data Folder > MQL5 folder > Indicators
  • Copy the Double_Top.mq5 indicator file in the Indicators folder
  • Close and restart the trading platform
  • You will find the indicator here (Navigator window > Indicators)
  • Drag the indicator to the chart to get started with it!

How Do I Edit This Indicator?

  • Click in the open chart with your right mouse button
  • In the dropdown menu, click on Indicator List
  • Select the indicator and click on properties
  • Now you can edit the inputs, colors, levels, scale and visualization
  • Finally click the OK button to save the new configuration