Double Top (M) Indicator for ProRealTime

The Double Top (M) Indicator automatically detects and displays M-shaped chart patterns directly on your ProRealTime charts, based on customizable detection criteria.

This indicator helps you identify potential bearish reversal patterns and visualize their key points directly on the chart.

Several display options are available:

• Arrows to highlight the pattern’s key points
• Triangles to visualize the M formation
• Pattern lines connecting the key points
• Theoretical price targets based on the detected pattern

Each display option can be enabled or disabled according to your preferences.

Customizable Settings

Adapt the indicator to your own trading criteria directly from ProRealTime’s Configuration menu, without modifying the code.

Adjustable validation criteria:

• Maximum percentage difference between the two tops
• Minimum height of the M pattern
• Maximum distance between the current price and the pattern’s key points

Available filters:

• Current price near the tops
• Current price near the neckline
• Current price breaking below the neckline
• Bearish RSI divergence between the two tops
• Neckline touching the 20-period simple moving average (SMA20)

Display options:

• Arrows on key points
• M-shaped triangles
• Pattern lines
• Theoretical price target

The configuration values shown in the screenshots are examples only. Adjust the settings according to your own trading criteria.

Characteristics

• Automatic detection of Double Top (M) chart patterns
• Works on all timeframes
• Compatible with ProRealTime V11 and later
• Compatible with the free version of ProRealTime (daily closing prices)
• Detection criteria, filters and display options adjustable without modifying the code
• Free automatic updates

Video Presentation

Video in French – English subtitles available.