Automatic Double Top finder indicator for Meta Trader 4 finds double-top and double-bottom chart patterns easily and implements breakout signals and alerts. We have received Automatic double top finder indicator from a trader community from Kuala Lumpur, Malaysia.
How to trade with Automatic Double Top finder indicator
You can use this indicator with any currency pair or trading instrument on MT4. While Automatic double top finder ex4 file can work on any time frame, we recommend using it on H1 or M15 time frame. It’s relatively easy to trade with the Automatic Double Top finder indicator. After finding a possible entry point, the indicator displays either a blue arrow which is a bullish signal to buy, or a red arrow which is a bearish signal to sell.
What settings and parameters should I use?
When loading the indicator you will see a set of options as input parameters. Don’t despair if you think there are too many variables. Each parameter is in a self-explanatory block, just read and amend.
Indicator Settings: The amplitude represents the size of the patterns. The max. history bars parameter is the number of bars in the chart to look back. Fewer bars to evaluate means the indicator will load faster.
Patterns: Choose the colors of the patterns.
Breakouts: The indicator implements breakouts to make trading easier. Moreover, you can select the breakout period (in bars) and the color of the arrows to be displayed in the chart.
Alerts: Enable or disable alerts at will.
Create your custom indicator
If you would like to create your custom indicator, please contact the AtoZMarkets team. Also, don’t miss out on various other indicators.
How do you install an indicator on MT4?
To install this indicator on your MT4, you need to:
1. Find the indicator on AtoZMarkets indicator directory;
2. Save the file to your computer;
3. Extract and move the automatic double top finder .ex4 file into MQL4Indicators;
4. Restart your Metatrader platform;
5. Click the “Indicators” button in the Metatrader toolbar;
6. Select “Custom”;
7. Search and select “indicator you have just downloaded”;
8. Adjust settings or press OK to add the indicator to your selected chart;
Please note, AtoZMarkets does not own any copyright on this instrument. We only share EAs, indicators and other tools from our users. If you have any trading tool that you would like to share with our forex traders, please share it.