Double Tops and Bottoms Indicator
Double Tops and Bottoms indicator for mt4 – download free. Accurate trend reversal mt4 indicator.
Description
This indicator for MetaTrader is a trend reversal tool that identifies valid double tops and bottoms of an asset. The double tops are a potential signal for bearish reversal, while the double bottom signifies a potential bullish move.
The double tops/bottoms may not always play out as anticipated due to different market factors. To this end, you may need to wait for the price to break out of the neckline before opening a BUY/SELL position.
The indicator is recommended for the novice, intermediate, and advanced traders. Besides, it is also suited for scalpers, day/intraday, and swing traders.
How to Trade With The Double Tops and Bottoms Indicator
The above screenshot depicts how this indicator would look on your mt4 chart. Furthermore, it is recommended to be used in synergy with price action/other technical indicators for better trade efficiency.
BUY and SELL Signals: Firstly, wait for the indicator to identify double bottoms, which signifies a potential move to the upside. You may then open a BUY/LONG position after the price breaks the neckline of the double bottoms.
The above principle is also applicable to generating a SELL setup/entry. You may refer to the above screenshot for better grasp.
Conclusion
The Double Tops and Bottoms Indicator for MT4 is a technical tool designed to help you with the identification of double tops and bottoms. Finally, it is free to download.
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