This indicator for ProRealTime, Double Top – Bottom Pattern identifies the “double top” and the “double bottom” price patterns. It works on all markets and for any timeframe! See examples below.
HOW THE INDICATOR WORKS:
This pattern is as simple as it is effective, the double top or the double bottom indicate a possible reversal of the trend.
Interface of the indicator:
- ZigZagPerc : Enable or disable the PricePercent variable.
- PricePercent: Value of the percentage difference between a new high and a new low. This variable affects the size of the Pattern.
- Dynamic: Enable or disable the dynamic variable.
- Factor: Variable of the “Dynamic” function, this function allows automatic detection of patterns based on market volatility.
- ZigZagVal: Enabled or disabled the PointsValue variable.
- PointsValue: Value of the difference expressed in points, between a new maximum and a new minimum. This variable affects the size of the Pattern.
- FractalPoint: Enable or disable the Period variable.
- Period: Value of the time difference, between a new maximum and a new minimum. This variable affects the size of the Pattern.
- Accuracy: variable, it is possible to search for patterns with an accuracy in a range between 0 and 100%. Accuracy makes it possible to establish the alignment of the two maxima, or of the two minimum. You can observe a wide variety of patterns without discarding any possibility, or you can have an opportunity to have filtered too severely. 90% is the default threshold, but it is up to you to configure this parameter according to your own style!
- ZigLine: Show Zig Zag line to set the parameters quickly
- Extension: This variable allows to lengthen the area of breakout level
HOW TO SET ALARM:
It’s possible to set alarm for 2 different type of signal:
BreakOut: To be notified only if the price breaks out.
Pattern: To be notified if the pattern is in progression.
Advantages of using the “double top / bottom pattern” indicator:
- Automatically identifies the double top and the double bottom patterns
- Compatible with all instruments
- Compatible with all ordinary timeframes and even on tick-charts!
- Compatible with Heikin ashi, Renko, Ticks, Kagi, Three Line Break, and more
- Patterns are completely customizable to suit your own trading style
- The indicator does not repaint! The signal is given in real-time and allows you to operate without any delay
- The indicator can be integrated into any indicator, using ProRealTime’s ProBuilder function
- The indicator can be integrated into any automated trading strategy, using ProRealTime’s ProBackTest and ProOrder function
- We offer for free the screener once you have bought this product.
This product works in any Futures, Forex or Stock/ETF Markets
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