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Double top is a very common chart pattern, as its name indicates, it consists of two tops, and these two tops need to be in a relative flat price level. One of the top can’t be much higher or lower than the other.
This indicator will detect and highlight double top pattern automatically on chart and alert you via SMS, email and sound.
Features:
- Adjust the number of bars used to form each top.
- Check if the first top is the highest in a given number of bars
- Adjust the number of bars between two tops.
- Alert when a pattern is formed.
The Strength input is the number of bars used to form each top, it’s the number of bars on the left and right side of the swing high and low.
For example, if you set it to 5, the cyan line will be drawn at bar A, it also alerts at this bar.
The Top Range input is used to check if the first top is the highest high in a given number of bars, if you set it to 60, then High A(in the pic above) is the highest high for 60 bars on its left side.
The double top pattern is not always symmetrical, luckily we can use the input “# of bars between 2 tops” to filter out some unwanted ones. If you only want a pattern when the two tops within a small range, then set this input to a small number such as 10.
It’s suggested to load more than one of this indicator with different input set to get more results.It works on all timeframes and any symbol. It will draw a line right after the pattern is formed.
You can also load more than one with different inputs to get more results on chart.
