Double Tops & Bottoms [QuantVue]This indicator is designed to detect and plot Double Tops and Double Bottoms, by setting the initial high or low using standard pivot points.
Double Tops
A Double Top is a bearish reversal pattern, typically found when an uptrend returns back to a prior peak. It signifies a potential turning point or resistance level and could potentially reverse in direction.
The pattern is confirmed as a Double Top when the price breaks above the resistance level, but closes below it. A decisive close below this level is seen as a confirmation of the bearish trend.
Double Bottoms
A Double Bottom, on the other hand, is a bullish reversal pattern typically found after a downtrend. It signals a potential turning point or support level where the price has bottomed and could potentially reverse upwards.
The pattern is confirmed as a Double Bottom when the price breaks below the support level, but closes above it. A decisive close above this level is viewed as a confirmation of the bullish trend.
Indicator Features
🔹Double Top Detection: When a double top is identified, a downward-pointing triangle will be plotted above the bar, and if the alerts are enabled, a notification will be triggered.
🔹Double Bottom Detection: When a double bottom is identified, an upward-pointing triangle will be plotted below the bar, and if the alerts are enabled, a notification will be triggered.
🔹Pivot Lookback: Defines the number of bars to the left and right of the pivot that must be lower/higher to qualify as a pivot.
🔹Maximum Length Between Tops/Bottoms: Maximum number of bars between two tops/bottoms to be considered a double top or bottom.
🔹Style Settings: Allows the user to customize the appearance of the lines indicating the tops/bottoms. Options include color selection, line style (dotted, dashed, or solid), and line thickness.
🔹Alerts: The user can enable or disable alerts for Double Top and Double Bottom.
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Doubletopreversal
Double Top Double Bottom [MS]Automatic Double Top and Double Bottom pattern scanner for any time frame, any asset.
Simple to use, just add to your chart, and set the size (in the settings) for the patterns you want to find.
• Green patterns are bullish
• Red patterns are bearish
• Alerts are available for when new patterns are displayed
• When a pattern completes (at the neckline), it will change from dotted lines to solid lines.
To scan for multiple sizes of patterns, add the script to your chart multiple times.
Use the link below or PM us to obtain access to this indicator.
