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Double Bottom (W) Indicator for ProRealTime
The Double Bottom Indicator automatically detects and displays W-shaped chart patterns on your ProRealTime charts, based on customizable detection criteria.
This indicator helps you identify potential bullish 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 W 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 bottoms
- Minimum height of the W pattern
- Maximum distance between the current price and the pattern’s key points
Available filters:
- Current price near the bottoms
- Current price near the neckline
- Current price breaking above the neckline
- Bullish RSI divergence between the bottoms
- Neckline touching the 20-period simple moving average (SMA20)
Display options:
- Arrows on key points
- W-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 Bottom (W) 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.
Looking for Double Bottom Patterns Across the Markets?
Discover our Double Bottom (W) Screener to automatically search for financial instruments matching your Double Bottom detection criteria.
The Indicator displays detected W patterns directly on your charts, while the Screener helps you find matching instruments across financial markets.
The Double Bottom (W) Indicator is included with the Double Bottom (W) Screener.
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