This indicator is designed to detect and plot Double Tops and Double Bottoms, by setting the initial high or low using standard pivot points.
Double Tops
A Double Top is a bearish reversal pattern, typically found when an uptrend returns back to a prior peak. It signifies a potential turning point or resistance level and could potentially reverse in direction.
The pattern is confirmed as a Double Top when the price breaks above the resistance level, but closes below it. A decisive close below this level is seen as a confirmation of the bearish trend.
Double Bottoms
A Double Bottom, on the other hand, is a bullish reversal pattern typically found after a downtrend. It signals a potential turning point or support level where the price has bottomed and could potentially reverse upwards.
The pattern is confirmed as a Double Bottom when the price breaks below the support level, but closes above it. A decisive close above this level is viewed as a confirmation of the bullish trend.
Indicator Features
🔹Double Top Detection: When a double top is identified, a downward-pointing triangle will be plotted above the bar, and if the alerts are enabled, a notification will be triggered. 🔹Double Bottom Detection: When a double bottom is identified, an upward-pointing triangle will be plotted below the bar, and if the alerts are enabled, a notification will be triggered. 🔹Pivot Lookback: Defines the number of bars to the left and right of the pivot that must be lower/higher to qualify as a pivot. 🔹Maximum Length Between Tops/Bottoms: Maximum number of bars between two tops/bottoms to be considered a double top or bottom. 🔹Style Settings: Allows the user to customize the appearance of the lines indicating the tops/bottoms. Options include color selection, line style (dotted, dashed, or solid), and line thickness. 🔹Alerts: The user can enable or disable alerts for Double Top and Double Bottom.
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I added it to my chart and it's very nice to understand at a glance. It's just that the alarm didn't work. I don't know why. Can you check it? Thank you.