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Double Top & Double Bottom Pattern Indicator Download for MT5 - Free

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Double Top & Double Bottom Pattern Indicator Download for MT5 - Free
Double Top & Double Bottom Pattern Indicator Download for MT5 - Free 0
Double Top & Double Bottom Pattern Indicator Download for MT5 - Free 1
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The Double Top & Double Bottom (DTDB) Indicator on the Meta Trader 5 (MT5) platform uses the Zig Zag indicator with a period of 3 to identify and draw the classic double top and double bottom patterns.

The DTDB Indicator shows double tops in blue and double bottoms in red, allowing traders to quickly recognize these significant patterns on the chart.

DTDB Indicator Table

Category

Classic and Chart Patterns - Educational Indicator - Support and Resistance

Platform

Meta Trader 5

Skill Level

Beginner

Indicator Type

Reversal - Leading

Timeframe

Multi-timeframe

Trading Style

Scalping - Day Trader - Intra-day Trader

Trading Markets

Forex - Cryptocurrencies - Commodities

Indicator at a Glance

The Double Top and Bottom Pattern Indicator is a specialized tool for identifying double and double bottom patterns on price charts. It leverages the ZigZag indicator to detect these patterns, displaying double tops in blue and double bottoms in red.

Additionally, it uses labeling to accurately highlight these patterns, making it easier for traders to recognize them effortlessly.

Double Top Pattern

In the 15-minute chart of USD/CHF, the Double Top & Double Bottom (DTDB) Indicator displays double top patterns in blue using the Zig Zag indicator. This feature helps traders easily identify double-top patterns and perform more accurate analyses.

Double Top Pattern MT5
15-Minute Chart of USD/CHF

Double Bottom Pattern

In the 4-hour chart of NZD/CAD, the Double Top & Double Bottom (DTDB) Indicator displays double bottom patterns in red using the Zig Zag indicator. This feature helps traders easily identify double-bottom patterns and perform more accurate analyses.

Double Bottom Pattern MT5
4-Hour Chart of NZD/CAD

DTDB Indicator Settings

DTDB Indicator Settings MT5
4-Hour Chart of NASDAQ (NAS100)
  • Zig Zag Line Properties: Settings for the Zig Zag line;
  • Show Zig Zag Line: Toggle the display of the Zig Zag line;
  • Pivot Period of Zig Zag Line: Set the period for the Zig Zag line;
  • Zig Zag Line Style: Choose the style for the Zig Zag line;
  • Zig Zag Line Color: Choose the color for the Zig Zag line;
  • Zig Zag Line Width: Choose the width for the Zig Zag line;
  • Double Top & Double Bottom Properties: Settings for Double Top & Double Bottom;
  • Proximity Percent: Set the proximity percentage;
  • Show Double Top & Double Bottom: Toggle the display of Double Top & Double Bottom;
  • Double Top Color: Choose the color for Double Top;
  • Double Bottom Color: Choose the color for Double Bottom.

Conclusion

The Double Top & Double Bottom (DTDB) Indicator is a tool for identifying classic double top and double bottom patterns, which are automatically displayed on the chart. The DTDB Indicator makes it easier for traders to identify these patterns by displaying double tops in blue and double bottoms in red, helping to improve trading analysis.

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FAQs

What is the Double Top & Double Bottom Indicator?

The Double Top & Double Bottom Indicator is a tool that helps identify reversal patterns on the price chart. These patterns usually indicate a trend change: the Double Top suggests an uptrend's end and a downtrend's beginning. In contrast, the Double Bottom indicates the end of a downtrend and the beginning of an uptrend.

How does the Double Top pattern work?

The Double Top pattern forms when the price hits a particular resistance level twice and fails to break it. This pattern indicates that the market faces selling pressure and will likely enter a downtrend.

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