Double Top/Bottom [Early]
Early Double Top & Bottoms
This script will scan pivot highs/lows as well as the macro highs/lows to determine whether it thinks there could be a potential double top or double bottom.
This does not mean there definitely will be but the indicator from this point will display the proposed pattern and set out a box where you could look for reversal signals.
The simple premise is rather than having to wait like most pattern scripts this will identify the pattern much sooner and set you up so you can decide how you would like to take action.
Settings
You have the option to choose what type of alert you would like to receive, one option is for an alert soon as the pattern is detected, the 2nd is for when price break the neckline.
below in the settings you have an option to determine what classifies a break. Either the price has to close over the neckline or it can be just a wick, up to you.
You can change all colours of the patterns, labels and line styles.
There are extra labels which can help explain when the pattern is spotted or point out when the neckline is broken depending on your choices
You can also change the frequency in which the patterns will be spotted where 1 is the lowest. We currently believe that 1 spots enough patterns however if you want more feel free to change this.
Use Cases
One is to simply try DCA into the Box if the DB / DT lines up with your support or resistance,.
Another way you can use this on the neckline breaks to confirm the pattern, in the settings you have an option to decide whether you want the close or the wick to trigger the neckline break.
Thirdly, one which we have had the most success with is lining the box plays up with divergence signals.
Feel free to leave any suggestions, happy for the feedback!
This script will scan pivot highs/lows as well as the macro highs/lows to determine whether it thinks there could be a potential double top or double bottom.
This does not mean there definitely will be but the indicator from this point will display the proposed pattern and set out a box where you could look for reversal signals.
The simple premise is rather than having to wait like most pattern scripts this will identify the pattern much sooner and set you up so you can decide how you would like to take action.
Settings
You have the option to choose what type of alert you would like to receive, one option is for an alert soon as the pattern is detected, the 2nd is for when price break the neckline.
below in the settings you have an option to determine what classifies a break. Either the price has to close over the neckline or it can be just a wick, up to you.
You can change all colours of the patterns, labels and line styles.
There are extra labels which can help explain when the pattern is spotted or point out when the neckline is broken depending on your choices
You can also change the frequency in which the patterns will be spotted where 1 is the lowest. We currently believe that 1 spots enough patterns however if you want more feel free to change this.
Use Cases
One is to simply try DCA into the Box if the DB / DT lines up with your support or resistance,.
Another way you can use this on the neckline breaks to confirm the pattern, in the settings you have an option to decide whether you want the close or the wick to trigger the neckline break.
Thirdly, one which we have had the most success with is lining the box plays up with divergence signals.
Feel free to leave any suggestions, happy for the feedback!