The indicator combines the “Double Bottom” and “Double Top” reversal patterns with the indicator for determining the discrepancy between the price chart and the MACD oscillator.
- Easily detects strong reversal signals
- Allows you to use the “Double Bottom” and “Double Top” patterns and the MACD divergence signals together or separately
- Receive notifications via email and / or to your mobile device when a signal is detected
- You can use custom colors
- The indicator does not redraw
- You can use it as part of an Expert Advisor (see below)
- ENABLE Double Top-Bottom: Enable the “Double Bottom” and “Double Top”pattern indicator.
- ENABLE Divergence: enable the MACD divergence indicator.
- Fast Period: the period of the fast line of the MACD oscillator.
- Slow Period: the period of the slow line of the MACD oscillator.
- Signal Period: the period of the signal line of the MACD oscillator.
- Applied Price: the price type for calculating the MACD values.
- Relationship between Double Top-Bottom and MACD Divergence-the relationship between the reversal Pattern and the divergence of the MACD:
- Combined-sharing: all signals of the “Double Bottom” and “Double Top” patterns are shown, but the MACD divergence signals are shown only if they coincide with the “Double Bottom” and “Double Top”patterns. The “Double Bottom” and “Double Top” patterns and the MACD divergence indicator should be enabled.
- Independent – separate use: indicator signals are displayed independently of each other.
- Number of Bars (odd number) [divergence only]: on this number of bars, the maximum or minimum will be determined, including the upper / lower bar. For example, with a value of 5, the maximum prices will be determined on bars whose maximum is higher than the maximum of the next two bars on the left and right. If the MACD Divergence indicator is used independently, it uses this mechanism to determine the highs and lows. Otherwise, the highs and lows are determined using the “Double Bottom” and “Double Top”indicator.
- Color Settings: The color of the objects displayed on the graph.
- ENABLE Metatrader Alert: receive an alert in the MetaTrader terminal when a divergence is detected.
- ENABLE Email Alert: receive an email notification when a divergence is detected.
- ENABLE Push Notification: Receive a push notification to your mobile device when a divergence is detected.
[spoiler title=”Read More…”]
- Combined-sharing: all signals of the “Double Bottom” and “Double Top” patterns are shown, but the MACD divergence signals are shown only if they coincide with the “Double Bottom” and “Double Top”patterns. The “Double Bottom” and “Double Top” patterns and the MACD divergence indicator should be enabled.
- Independent – separate use: indicator signals are displayed independently of each other.
- Buy=0
- Sell=1
- Buy=0
- Sell=1
[/spoiler]