The forex double top to the bottom indicator is an indicator used to detect the chart patterns and trend reversals. It also detects fake breakouts in the market trend. Fake breakout or the false breakouts are the terms in the forex trading that detracts the traders by showing small changes in the price action.
FOREX DOUBLE TOP AND BOTTOM INDICATOR MT4:-
The price changes temporarily and reverts backs to the level where it is before. With the help of top and bottom indicators, traders can identify that whether they are false breakouts or the real one and these breakouts did not affect the trade.
The Forex double top and bottom indicator are developed by FX solutions. It is the most recent and unique indicator used to detect the reversals. It gives more effective reversals because it has advanced parameters that help the traders in easy use and precise results. It is also used to remove the noise from the market trends.
It is a double top and bottom indicator, it means that this indicator has two tops and two bottoms at the same price levels labeled as top 1, top 2, bottom 1, and bottom 2. It is very easy to understand this indicator. This indicator is very helpful in daily trade. It compares the daily prices with other day’s and timeframe’s prices because it detects different trends at different time durations.
The forex double top and the bottom indicator has the following characteristics. This indicator is applicable for both short term traders and long term traders. It uses different and approximately all the timeframes that help the traders in comparison to the price actions. All traders can use this indicator.
Forex double top and bottom indicator can also trade with all the currency pairs. It can be utilized in all the forex brokers but the best broker for this indicator is mt4 broker. It has a specific pip that identifies the top and bottom levels in the market trend.
Forex double top and bottom indicator has different and unique parameters that are given below: –
- Mode drawing
- Line width
- Line style
- Line color
- The phase of the Moon
- Flag drawing Bar Timer
- Font color
- Font name
- Font size
- Angle of anchor
- Line style
- Line width
- Where to place texts
- Bar Up
- Bar Down
- Bull candle
- Bear candle
- Line graph
- Ask line
- Stop levels
USES OF DOUBLE TOP AND BOTTOM INDICATOR:-
There are different and helpful uses of this indicator. Forex double top and bottom indicator is very helpful in daily trade. It is used to detect the reversals in the market trend. This indicator is used to identify the breakout in the trends.