double top
Info
The double top is a Indicator for MetaTrader 5 that 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 pointsmaximum distance between the twin tops/bottoms- maximum distance between tops/bottoms of a double top/bottommaximum number of bars after the top/bottom- maximum number of bars between different tops/bottomssingle 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.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install 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.
What this tool does
double top indicator detects and displays single and double tops and bottoms.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Double Envelopes Historical Gauged - another powerful indicator for MetaTrader 5 traders.
double top indicator detects and displays single and double tops and bottoms.
Also recommended: double exponential moving average (dema) - similar indicator with strong performance on MetaTrader 5.
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
You may also like: Double Smoothed Stochastics (DSS) Bressert Indicator - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.