Double bottom is a very common chart pattern, as its name indicates, it consists of two bottoms, and these two bottoms need to be in a relative flat price level. One of the bottom can't be much higher or lower than the other.
This indicator will detect and highlight double bottom pattern automatically on chart and alert you via SMS, email and sound.
Features:
Adjust the threshold between two bottoms. Adjust the number of bars used to form each bottom. Check if the first bottom is the highest in a given number of bars Adjust the number of bars between two bottoms. Switch of alert.
It works on all timeframes and any symbol.
You can also load more than one with different inputs to get more results on chart.
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Update the threshold setting.
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The threshold input now can be increased by 0.1
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Fixed a typo.
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Fixed a typo.
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New algorithm, easier to use and more results.
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Update: enable to change line color.
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Update to V5 with max_bars_back=1000.
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Fixed a bug.
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Upgrade to 3 sets of input, it will detect more signal than before.
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Update new feature, enable "use High Low" will use high and low wick to check the top, otherwise it will use open and close. Also changed the min value of "Strength" to 2 instead of 3.
I personally own this double bottom indicator and I want others to know it does not work very well for me, specifically on Forex Pairs. First, it does not pick up many double bottoms. It just doesn't identify many of them! In fact, on the Daily chart, often times I see a red warning next to the indicator because it is not able to function at all and I have to change the time frame. And if I do change the timeframe, it remains red error. Secondly, I have pics of other places where it was an obvious double bottom. Price matched another price hours later. However, it didn't pick up the double bottom. More frustrating is to see the Vendor make changes to the indicator and not advise the customer of the update. Shouldn't they let us know?
I am just sort of upset about buying many of these indicators and it doesn't seem right that nobody calls them out. Does it work? Of course, but not consistently. And as I always tell others, even a broke clock is right twice a day. I wish there was more accountability with Vendors who don't trade, they only sell their indicators. I am just trying to help others not throw their indicators in the proverbial trashcan like I have.
Patternsmart
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@faith_defender, Hi, the issue you mentioned has been solved after we update it to V5, please let me know if you have any other question.
faith_defender
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@Patternsmart, Oh, OK. I guess I am curious as to when you going to send out information to inform the customers like me? It is only because I am on your followers list that I saw the revision other wise would you have told me with a personal note? Of course I am upset. You do understand that I purchased this indicator on April 17th 2020 (order #2660) and have not been able to use it for over a year and a half b/c it either doesn't show on the chart or does not pick up the double bottoms. Nevertheless, I hope other traders see what wonderful ways you take care of your customers.
Richboyyy09
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@faith_defender, os the indicator good to go now? Let me know if to buy it or not
faith_defender
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@Richboyyy09, Nope. I dont use it because it is not dependable. It is hit or miss and i am not sure what exactly the Vendor did to fix the problems. I will send you a couple of photos of how it works on my charts since i cannot post them here.