This is zigzag based double top/bottom indicator. Code is same as : Double-Top-Bottom-Ultimate But, republishing it to make it available open source.
Double Top:
Recognition - Checks on Zigzag if LH is followed by HH
Confirmation - When low crosses under last lower pivot point on zigzag
Invalidation - When high crosses over HH
Double Bottom:
Recognition - Checks on Zigzag if HL is followed by LL
Confirmation - When high crosses over last higher pivot point on zigzag
Invalidation - When low crosses under LL
Few input options:
Option to display risk per reward which defines how steep is the W-M triangle. This is simply the ratio of price difference between mid point to top most and bottom most points. In case of double top , downside is considered as reward and upside is considered as risk and with double bottom , downside is considered as risk and upside is considered as reward. Lower risk per reward signifies better trade.
Option to display stats which shows number of occurances of double top and bottom and how many times price crossed confirmation point and invalidation point (which are also marked with dashed lines) Stats are color coded. Higher confirmation rates are colored in shades of green, lower confirmation rates are colored in shades of orange whereas the neutral confirmation rates are coloed in light yellow.
Note di rilascio
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Added max_bars_back for resolve issue with historical bars.
I don't understand the green and red lines. Upper and lower limits.. How can I effectively use them in trading? DT the green broken means it will head higher? The red on DT if broken means head lower confirmation?
@hussainzahid500, unless you want to get free mini mouse macro to automate all the inputs for you while you go do other things...
KenJason
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How Many Candles, before Confirmed Top or Bottom?
santos39
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Hi Sir, could you help me with adding alerts to the pivots ?
Best regards
Miguel, thanks for the script !
Slick_SiD
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I swear this is like the only indicator that has a positive repainting effect for me in regards to the pivots because unlike other hi lo pivot indicators it will repaint but it gives you the area they will show up immediately. Do you think you could make a pivot only indicator that uses this logic?