PZ Double Top Bottom Indicator MT5

PZ Double Top Bottom Indicator MT5

Overview

The PZ Double Top Bottom Indicator MT5 is designed to detect high-probability reversal patterns known as Double Tops and Double Bottoms with fake breakouts. These patterns often occur at the end of a trend and signal potential trend reversals early.

Key Features

• Clear Trading Signals: The indicator provides precise entry signals for double top and double bottom patterns.
• Customizable Colors and Sizes: Tailor the appearance of the indicator to your preference.
• Performance Statistics: Evaluate the effectiveness of the signals using performance data.
• Fibonacci Retracement Levels: Customize retracement levels for better trade management.
• Stop-Loss and Take-Profit Levels: The indicator displays suitable levels for risk management.
• Alerts: Receive alerts via email, sound, or visual notifications.

Strategy

The strategy behind the PZ Double Top Bottom Indicator MT5 revolves around identifying these special double top and bottom patterns with fake breakouts. Here’s how the EA takes trades:

1. Pattern Recognition:
   • The indicator scans historical price data for specific double top and bottom formations.
   • For double tops with fake breakouts, the highest price of the right shoulder must be higher than the left shoulder.
   • For double bottoms with fake breakouts, the lowest price of the right leg must be lower than the left leg.
2. Smart Money Accumulation:
   • These special patterns are created by smart money to accumulate their positions.
   • The fake breakout traps traders on the wrong side of the market.
3. Donchian Breakout Confirmation:
   • The indicator waits for a Donchian breakout in the right direction before signaling a trade.
   • This twist enhances reliability and minimizes repainting of signals.

Minimum Deposit

• The minimum deposit required to use the PZ Double Top Bottom Indicator MT5 depends on your broker’s account type and trading conditions.
• It’s advisable to have sufficient capital to manage risk effectively.

Recommended Timeframes

• The indicator works well on H1 (1-hour) and H4 (4-hour) timeframes.

Recommended Currency Pairs

Consider trading the following currency pairs:

• USDJPY
• AUDUSD
• EURUSD