The Double Tops and Bottoms Forex indicator for Metatrader 5 identifies two powerful trend reversal trading patterns, better known as tops and bottoms.
Buying and selling Forex with this technical indicator:
- A bullish trend reversal pattern (bottom) occurs when the green trading pattern appears on the chart, this creates a buying opportunity.
- A bearish trend reversal pattern (top) occurs when the blue trading pattern appears on the chart, this creates a selling opportunity.
The following indicator inputs and parameters can be adjusted: history, count bars, colors, and more.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and trading instruments offered by your MT5 broker.
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The following chart shows what the Double Tops and Bottoms indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Double Tops and Bottoms Indicator?
Find a simple trading example below:
- A clear buy signal is given when the bottom trading pattern is displayed on the price chart.
- Open a long transaction and set your stop loss below the previous swing low price.
- Close the buy trade at prior resistance levels or await a top trading pattern.
- A clear sell signal is given when the top trading pattern is displayed on the price chart.
- Open a short transaction and set your stop loss above the previous swing high price.
- Close the sell trade at prior resistance levels or await a bottom trading pattern.
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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 Tops And Bottoms MT5.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 on the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on the properties
- Now you can edit the inputs, colors, levels, scale, and visualization
- Finally, click the OK button to save the new configuration