Double Tops/Bottoms [UAlgo]

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🔶Description:

The "Double Tops/Bottoms [UAlgo]" indicator is designed to identify potential double tops and double bottoms on price charts. These patterns are often considered significant as they may indicate a reversal in the prevailing trend. The indicator can be applied to both high/low and close price data, offering flexibility in analyzing different aspects of market behavior.

🔶Key Features:

Source Selection: Users can choose between using high/low or close prices as the basis for identifying double tops and bottoms, allowing for tailored analysis based on specific price actions.

Lookback Length: The indicator offers a customizable lookback length, enabling users to adjust the sensitivity of pattern detection according to their trading preferences and timeframes.

Pivot Length: Users can specify the length of the pivot used in identifying double tops and bottoms, providing flexibility in capturing different market dynamics.

Minimum Bar Count Between Tops/Bottoms: A minimum bar count parameter allows users to control the distance between consecutive tops or bottoms, enhancing the accuracy of pattern recognition.

Pivot Tops/Bottoms Only: The indicator offers the option to focus exclusively on pivot tops and bottoms, streamlining the analysis process for users interested specifically in these key reversal points.

Disclaimer:

Trading involves substantial risk and is not suitable for every investor. The indicator provided here is intended for informational purposes only and should not be construed as investment advice or a recommendation to buy, sell, or hold any securities. Users are solely responsible for evaluating their own investment decisions and should seek professional financial advice if needed. The creator of this indicator (UAlgo) does not guarantee the accuracy, completeness, or reliability of the information provided, and shall not be liable for any losses incurred in connection with its use. By using this indicator, users acknowledge and agree to assume all risks associated with trading activities.