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The indicator is designed to detect high-probability reversal patterns: double top/bottom with false breakouts.

Double top/double bottom-candlestick patterns that occur when the price movement of a trading instrument forms a pattern similar to the letter “W” (Double Bottom) or “M” (double top). Such patterns are usually formed at the end of a trend and are used to determine the trend reversal early.

What determines this indicator?:

This indicator finds a special form of such patterns, the so-called double tops and bottoms, the so-calledDouble top and double bottom with false breakouts.

The “Double Top with false breakouts” pattern is formed when the maximum price of the right shoulder is higher than the left shoulder. The “Double bottom with false breakouts” pattern is formed when the minimum price of the right shoulder is lower than the left shoulder.

These special “Double Top/Double Bottom” models are created by “sure money” to increase the size of their own position. With false breakouts, “sure money” tries to lure as many traders as possible to the wrong side of the market. After that, the “right money” abruptly changes direction. Trapped traders panic, close or even reverse their positions. This makes the reversal very strong and profitable. The indicator detects exactly these tricks of the “right money” and gives input signals with a high probability of success.

Read More...

The concept of the Ultimate Double Top/Bottom indicator and the professional method of its application are described in detail in the blog (in English): Professional Trading With Double Tops/Bottoms And Divergences!

The presented video shows examples of signals and the maximum performance of the indicator.

Maximum performance refers to the profit that could be obtained when exiting each trade at the optimal price level. Of course, this cannot be achieved in real trading conditions, when the future price movement is unknown.

But the video shows that the raw signals of the indicator (without visual filtering) gave 24 winning trades and only 11 losing trades. In this video, a trade is considered a win if it reaches at least 1R of profit (1R = initial risk of the trade). So these raw signals could be very profitable if you set a target for all trades at 1R and then leave the trade unattended without trying to find the optimal exit.

The indicator draws the “double top / bottom” model on the chart, sends alerts in the terminal and sends them by e-mail when there is a high probability of the formation of a signal for the input of the “double top/bottom” model.

The indicator does not redraw. You can test it in the strategy tester. You will be able to see that these high-quality signals arrive in real time on every trading instrument and on any timeframe.

The indicator draws the “double top / bottom” model on the chart, sends alerts in the terminal and sends them by e-mail when there is a high probability of the formation of a signal for the input of the “double top/bottom” model.

The indicator does not redraw. You can test it in the strategy tester. You will be able to see that these high-quality signals arrive in real time on every trading instrument and on any timeframe.

Recommendations:

  • Use the indicator on the timeframe M30 or higher. In this case, there will be less noise in the price movements, and you will have more time to react to the input signals.
  • When a signal appears, ask yourself if there will be enough room for a subsequent strong movement in the direction of the trend (are the support/resistance levels too far away?).

  • candlesCalculated: Number of candles in the history for displaying double peaks/troughs, the default value is 2000, which means that the patterns will be displayed on the last 2000 candles.
  • alertsLong: True = yes, False = no-enable alerts for purchases if true
  • alertsShort: True = yes, False = no-if true, enable alerts for sales
  • alertsViaMT5: True = lf, False = no – if true, the indicator will notify you with messages in the MetaTrader 5 popup
  • alertsViaEmail: True = yes, False = no-if true, enable sending alerts by email

Our Useful Features & Services

Published

15 June 2018

Updated

09 July 2018

Current Version

1.1

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faithdefender February 28, 2021 5:00 pm
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This signal has hardly presented any signals. At present applied to the AUDUSD Every day.