The indicator simultaneously analyzes the price charts of several currency pairs on all timeframes and sends a notification as soon as the “Double Top” and “Double Bottom” patterns are detected.
A “Double Top” is a trend reversal pattern that consists of two consecutive peaks, roughly equal to each other, and a trough between them. This pattern is a vivid illustration of the struggle between buyers and sellers. Buyers try to strengthen their positions, but meet with resistance, which prevents the continuation of the uptrend. After this happens a couple of times, buyers in the market begin to “wither”, and sellers cling to the market with a stranglehold, which sends the market into a new downtrend.
“Double bottom” (Double Bottom) — a pattern opposite to the “Double top”, as it signals a reversal of the downtrend and its transition to an uptrend.
- Automatically downloads historical price data from the broker’s server.
- In parallel, it tracks all currency pairs on all timeframes.
- You can configure which pairs and timeframes you want to receive notifications from.
Settings for the “Double Bottom” and “Double Top” patterns”
- Filter Type-select the condition for receiving alerts. The condition may be the achievement of the second vertex or the breakdown of the isthmus line. Additional explanation is shown in the screenshots;
- Bars Interval – Minimum number of bars between vertices;
- Peak Distance – The maximum allowable price difference between the vertices (in pips);
- Trend Distance – The minimum distance between the beginning of the trend and the isthmus (in pips);
- Lot Size – the lot size for calculating the target profit
Currency pairs and timeframes
- Symbols-Currency pairs to track. Each pair is separated by a comma, and its name must be identical to the symbol displayed in the terminal window ” Market Overview”;
- M1 – True for tracking this timeframe;
- M5-True for tracking this timeframe;
- M15 – True for tracking this timeframe;
- M30-True for tracking this timeframe;
- H1-True for tracking this timeframe;
- H4-True for tracking this timeframe;
- D1-True for tracking this timeframe;
- W1-True for tracking this timeframe;
- MN1 – True for tracking this timeframe;
- AlertNotification-True to display a message in the terminal when a signal appears;
- PushNotification – True for sending push notifications to mobile;
- MailNotification – True for sending email notifications.