Double Bottom (W) Screener for ProRealTime

The Double Bottom (W) Screener automatically scans financial markets to identify instruments showing W-shaped chart patterns based on customizable detection criteria.

This Screener helps you find potential bullish reversal setups and locate instruments at different stages of a Double Bottom formation.

It works on all timeframes and allows you to adapt the search to your own trading criteria without modifying the code.

Customizable Settings

Adjust the Screener directly from ProRealTime’s Variables 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 two bottoms
• Neckline touching the 20-period simple moving average (SMA20)

General market filters:

• Minimum price
• Minimum average trading volume
• Volume calculation based on the number of shares or traded value

These general filters use daily data to help you select instruments according to your preferred price and liquidity criteria.

Understanding Screener Results

The Screener classifies detected patterns in the Bottom / Neckline / BO results column according to the current price position:

• 0: price in the middle of the W formation
• 1: price near the bottoms
• 2: price near the neckline
• 3: price breaking above the neckline

This classification helps you identify instruments according to the stage of the pattern you want to monitor.

Characteristics

• Automatic detection of Double Bottom (W) chart patterns
• Works on all timeframes
• Customizable detection criteria and filters
• Results classified according to the current price position within the W pattern
• Compatible with ProRealTime V11 and later
• Compatible with the free version of ProRealTime (daily closing prices)
• Settings adjustable without modifying the code
• Double Bottom (W) Indicator included
• Free automatic updates

Video Presentation