Double Top
This professional-grade solution for MetaTrader 5 helps traders achieve greater efficiency in their daily workflow. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Double Top
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
Description & Settings
Double Top indicator detects and displays single and double tops and bottoms.
The indicator has three input parameters:
Minumum Height/Depth
- minimum height/depth of a top/bottom in points
Maximum distance between the
twin tops/bottoms
- maximum distance between tops/bottoms of a double top/bottom
Maximum number of bars after the top/bottom
- maximum number of bars between different tops/bottoms
Single top/bottom is marked by a dot on a chart: the green dot indicates a top, while the red one shows a bottom
The first (left) top/bottom of the double top/bottom is marked by a dot on a chart: the green dot indicates the top, while the red one shows the bottomThe second (right) top/bottom of the double top/bottom is marked by a star: the green star indicates the top, while the red one shows the bottom
