Double Top/Bottom [AlgoAlpha]

Key Features:
- 🔍 Pattern Detection: Accurately identifies double top and double bottom formations based on customizable time horizons.
- 🎨 Customizable Appearance: Choose your preferred colors for bullish and bearish trends to match your trading style.
- 📊 Signal Labels: Option to display only the second pivot of the double top/bottom for a cleaner chart view.
- 🔧 Flexible Settings: Adjust the time horizon to control the look-back period, allowing for detection of both short-term and long-term patterns.
- 📈 Visual Enhancements: Draws trend lines and fills between pivotal points to visually highlight potential reversal zones.
- 🔔 Alerts: Set up alerts for potential double top and double bottom formations to stay informed of key market movements.
How to Use the Double Top/Bottom Indicator:
🛠 Add the Indicator: Simply add the Double Top/Bottom Indicator to your TradingView chart from your favorites. Customize the time horizon and appearance settings to fit your trading preferences.
📊 Analyze Patterns: Watch for the identified double top and double bottom patterns along with the corresponding trend lines and filled areas to anticipate potential market reversals.
🔔 Set Alerts: Enable alerts to receive notifications when double top or double bottom patterns are detected, ensuring you never miss a critical trading opportunity.
How It Works: The indicator scans the price action for pivot highs and lows within a specified time horizon, identifying potential double top and double bottom patterns. It maintains a sequence of these pivots and verifies the formation of these patterns based on the relationship between consecutive pivots and the proximity to a defined limit. When a double top or double bottom is confirmed, the indicator marks the second pivot point with a label and draws trend lines to visualize the reversal pattern. Additionally, it provides alert conditions to notify traders of potential confirmations, enhancing decision-making without cluttering the chart.
⚠️ Important Reminder: The labels indicating double tops and bottoms appear with a delay and are intended to mark the formations after they have already formed. They are not meant to be used as real-time trading signals. While they align perfectly with pivot points in hindsight, please use them as markers for analysis rather than immediate trading triggers.
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Per un accesso rapido a un grafico, aggiungi questo script ai tuoi preferiti: per saperne di più clicca qui.
Code: ALPH4
🚨Get premium: algoalpha.io
🛜Get FREE signals: discord.gg/xCmqTVRexz
❓Do you have feedback or indicator ideas? Join our server to tell us about it!
Declinazione di responsabilità
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Per un accesso rapido a un grafico, aggiungi questo script ai tuoi preferiti: per saperne di più clicca qui.
Code: ALPH4
🚨Get premium: algoalpha.io
🛜Get FREE signals: discord.gg/xCmqTVRexz
❓Do you have feedback or indicator ideas? Join our server to tell us about it!