Thread: Double Bottoms Double Tops Pattern

Hi,

In my search for a double tops/double bottoms pattern (MT4 indicator), all I have found is a metastock script. Any one can please help in converting this metastock to an MT4 indicator?

Double Tops
PK:=Zig(C,10,%)<Ref(Zig(C,10,%),-1) AND
Ref(Zig(C,10,%),-1)>Ref(Zig(C,10,%),-2);
TR:=Zig(C,10,%)>Ref(Zig(C,10,%),-1) AND
Ref(Zig(C,10,%),-1)<Ref(Zig(C,10,%),-2);
PK1:=PeakBars(1,C,10);
PK2:=PeakBars(2,C,10);
(ValueWhen(1,PK,Ref(C,-1)) / ValueWhen(2,PK,Ref(C,-1))>.96 AND ValueWhen(1,PK,Ref(C,-1)) / ValueWhen(2,PK,Ref(C,-1)) < 1.04) AND
PK2-PK1>=10 AND Cross(ValueWhen(1,TR,Ref(C,-1)),C)





Double Bottoms
PK:=Zig(C,10,%)<Ref(Zig(C,10,%),-1) AND
Ref(Zig(C,10,%),-1)>Ref(Zig(C,10,%),-2);
TR:=Zig(C,10,%)>Ref(Zig(C,10,%),-1) AND
Ref(Zig(C,10,%),-1)<Ref(Zig(C,10,%),-2);
TR1:=TroughBars(1,C,10);
TR2:=TroughBars(2,C,10);
(ValueWhen(1,TR,Ref(C,-1))/ ValueWhen(2,TR,Ref(C,-1))>.96 AND ValueWhen(1,TR,Ref(C,-1)) / ValueWhen(2,TR,Ref(C,-1)) < 1.04) AND
TR2-TR1>=10 AND Cross(C,ValueWhen(1,PK,Ref(C,-1)))



Thanks in advance,

way2Freedom

Originally Posted by funyoo

What is double bottoms, double tops for you ?

Wow funyou, I am impressed by your quality of service. Thanks for taking the time to elabore the subject.


Here is the descrition of the metastock script and it is exactly what I am looking after:


Title: Double Tops and Double Bottoms by Thomas Bulkowski
Description: In the February 1998 issue of Technical Analysis of Stocks & Commodities magazine, Thomas Bulkowski discusses the use of Double Bottoms as a means offinding profitable trades. In MetaStock for Windows, you can find both Double Tops and Double Bottomswith these formulas. There is a caveat however. In the article, Mr. Bulkowski utilizesthe High-Low range in finding Double Bottoms. These formulas use only the close value, so a few of the lower pricedissues will not produce signals in MetaStock. Overall, however, these formulas produce most of the major signalshe discusses.


Cheers,

way2Freedom

Originally Posted by funyoo

Ok I don't understand the idea. Maybe it is about two equal close values forming a same High or a same Low...

any chance to convert the metastock code I bieleve the metastock functions used can be converted.


Cheers,

Originally Posted by funyoo

I admit that I have not the knowledge to do a such conversion.

maybe the double top and double bottom just like attached pics.
i have read from the another forum which is discused about this succesfull trading technique

Double bottom or double top especially on a daily chart will signal an impending reversal of the trend.Indicator is even stronger if it does triple bottom/top.Level of extremely high resistance or support but again has a value on at least a daily chart.