Forex trading is an intricate world full of opportunities and challenges. As a trader, having the right Forex trading tools can drastically augment your chances of success. One such tool is the Double Tops & Bottoms Forex software, an indicator designed to identify trend reversals based on the “Double Bottom” and “Double Top” technical analysis patterns.
Key Features of the Double Tops & Bottoms Forex Software
Primarily, this Forex software review focuses on the software’s unique ability to pinpoint ‘Double Bottom’ and ‘Double Top’ patterns on a currency pair’s chart. These patterns often signal a reversal, a point where the trend turns back or a correction occurs. The software’s built-in alert system can notify the trader if such a pattern has recently been formed, eliminating the need for manual search and analysis.
The software is equipped with several settings for searching on different currency pairs. Traders can adjust the color of the reversal patterns and enable the display of lines of not fully formed patterns. Further, the software allows for quick switching between different timeframes to find such figures on one of the timeframes efficiently.
Customizing the Software’s Parameters
The software offers an array of customizable parameters to suit individual trading requirements and Forex strategies. The ‘History’ parameter, for instance, controls the number of bars to search for patterns on the chart. The ‘ExtremCountBars’ parameter is used to set the number of bars to search for extremums, like, highs at the second peak. The recommended setting is between 3 and 40 bars.
The ‘MinExtremDist’ and ‘MaxExtremDist’ parameters control the minimum and maximum number of bars between two extremums, respectively. Recommended values range from 2-12 bars for the minimum and 10-50 bars for the maximum. The ‘MultipleVerticesFilter’ is a unique feature that filters out “extra” highs or lows, ensuring only two tops or bottoms are displayed.
Alerts and Notifications
The software offers an alert feature that can be enabled to notify the trader when a pattern appears and breaks out. The ‘AlertPeriodBars’ parameter controls the number of bars after which the alert can appear again. The ‘MaximumFigureShiftForAlert’ parameter determines the maximum distance of the figure from the current bar for the alert to appear.
Independent Testing and Updates
For users interested in seeing the software in action, independent tests of the product can be viewed on the forexroboteasy.com website. Subscriptions for updates on the testing results of this product are also available. These updates can provide valuable insights into the software’s performance and effectiveness in real-time Forex market analysis.
FAQ Section
How does the Double Tops & Bottoms Forex software work?
The software works by identifying ‘Double Bottom’ and ‘Double Top’ patterns on a currency pair’s chart, which often signal a trend reversal or a correction.
What customizable features does the software offer?
The software allows traders to adjust various parameters such as the number of bars to search for patterns, the number of bars to search for extremums, and the number of bars between two extremums. It also allows for the color adjustment of the reversal patterns.
How can I stay updated on the software’s performance?
Interested users can subscribe to updates on the forexroboteasy.com website to stay informed about the product’s testing results.
In conclusion, the Double Tops & Bottoms Forex software is a robust tool in the hands of a Forex trader, providing valuable insights to aid in informed decision making. We invite users to share their experiences of using this product to further enrich this independent product review.
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