A Double Bottom, also known as a W pattern, is a bullish reversal pattern that generally appears after a downtrend. It forms around two successive lows separated by an intermediate high that defines the neckline.
The pattern is considered confirmed when price breaks above the neckline. The theoretical target is then calculated by projecting the height of the Double Bottom above the neckline. A pullback to the neckline may also occur after the breakout.
The Double Bottom / W Pattern Screener automatically scans the market for stocks showing a W pattern within the last 50 bars. It can identify the pattern at different stages of formation, before or during confirmation through a neckline breakout.
Results are ranked according to the stage of formation of the pattern. Different stages can also be selected or excluded from the results, allowing you to focus, for example, on patterns near their lows, approaching the neckline, or currently breaking out above it.
A general filter applied on the daily timeframe, based on price and trading volume, allows you to select the desired level of liquidity.
Many parameters allow you to adapt the search to your own criteria. All settings can be adjusted directly from ProRealTime's “Variables” menu, without modifying the code.
Adjustable validation criteria:
Available filters:
General filtering:
Video presentation:
Details of available settings:
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Disclaimer
Our proposed tools (indicators and screeners) are not investment advices but tools allowing everyone to find specific graphic configurations. The automated trading systems offered have been developed and optimised using historical data; however, past performance is no guarantee of future results. Investing in the financial markets involves risks up to and including the total loss of capital. The user of the proposed tools understands and accepts that the use of these tools is under his sole and entire responsibility. P2C Trading declines all responsibility in the use of the tools and the consequences that would result.
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