OPEN-SOURCE SCRIPT
Double Top/Bottom - Confirm [ZACH_FOREX]
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Title: [ZACH_FOREX] Double Top & Bottom - Smart Confirmation & Fibonacci Targets
Overview
The [ZACH_FOREX] Double Top/Bottom - Confirm v5 is a high-performance technical analysis tool designed to automatically detect, filter, and validate the two most powerful reversal patterns in trading: the Double Top (M) and Double Bottom (W).
Unlike basic pattern recognizers that flag every peak and trough, this indicator focuses on "Structural Confirmation." It uses built-in Risk/Reward logic and price action filters to eliminate market noise, ensuring you only see high-probability setups.
Key Features
Auto-Detection (Zigzag v5): Powered by a refined Zigzag algorithm on Pine Script v5 to identify precise market pivot points.
Smart Risk/Reward Filter: Features a unique Max Risk/Reward (%) input. The script only validates a pattern if the vertical distance between the two tops/bottoms is proportional to the overall pattern height, ensuring a healthy trade profile.
Visual Confirmation:
Candle Highlighting: The exact confirmation candle is automatically highlighted (Default: Yellow).
Execution Markers: Automatically draws a Confirm Line and labels at the breakout or structural confirmation point.
Dynamic Fibonacci Targets: Once a pattern is confirmed, the system projects three classic take-profit levels: 0.27, 0.62, and 1.0. These targets update in real-time (Live Update) as the current bar progresses.
Memory Management: Fully optimized to prevent chart lag by using advanced array-based line and label management.
How to Trade with this Indicator
Double Bottom (W - Bullish): Look for the yellow highlighted candle after the second trough forms. This suggests the base is solid, and price is likely to head toward the upper Fibonacci targets.
Double Top (M - Bearish): Wait for the confirmation signal at the second peak. The lower Fibonacci levels serve as primary take-profit zones for short positions.
Customization: * Zigzag Length: Increase (e.g., 20) for major trend reversals; decrease (e.g., 5) for scalping/intraday noise.
Max Risk/Reward: Fine-tune this to filter out patterns that are too slanted or asymmetrical.
Technical Specifications
Platform: TradingView (Pine Script v5)
Markets: Ideal for Forex, Gold (XAUUSD), Crypto, and Indices.
Recommended Timeframes: Highly effective on M15, H1, and H4.
Title: [ZACH_FOREX] Double Top & Bottom - Smart Confirmation & Fibonacci Targets
Overview
The [ZACH_FOREX] Double Top/Bottom - Confirm v5 is a high-performance technical analysis tool designed to automatically detect, filter, and validate the two most powerful reversal patterns in trading: the Double Top (M) and Double Bottom (W).
Unlike basic pattern recognizers that flag every peak and trough, this indicator focuses on "Structural Confirmation." It uses built-in Risk/Reward logic and price action filters to eliminate market noise, ensuring you only see high-probability setups.
Key Features
Auto-Detection (Zigzag v5): Powered by a refined Zigzag algorithm on Pine Script v5 to identify precise market pivot points.
Smart Risk/Reward Filter: Features a unique Max Risk/Reward (%) input. The script only validates a pattern if the vertical distance between the two tops/bottoms is proportional to the overall pattern height, ensuring a healthy trade profile.
Visual Confirmation:
Candle Highlighting: The exact confirmation candle is automatically highlighted (Default: Yellow).
Execution Markers: Automatically draws a Confirm Line and labels at the breakout or structural confirmation point.
Dynamic Fibonacci Targets: Once a pattern is confirmed, the system projects three classic take-profit levels: 0.27, 0.62, and 1.0. These targets update in real-time (Live Update) as the current bar progresses.
Memory Management: Fully optimized to prevent chart lag by using advanced array-based line and label management.
How to Trade with this Indicator
Double Bottom (W - Bullish): Look for the yellow highlighted candle after the second trough forms. This suggests the base is solid, and price is likely to head toward the upper Fibonacci targets.
Double Top (M - Bearish): Wait for the confirmation signal at the second peak. The lower Fibonacci levels serve as primary take-profit zones for short positions.
Customization: * Zigzag Length: Increase (e.g., 20) for major trend reversals; decrease (e.g., 5) for scalping/intraday noise.
Max Risk/Reward: Fine-tune this to filter out patterns that are too slanted or asymmetrical.
Technical Specifications
Platform: TradingView (Pine Script v5)
Markets: Ideal for Forex, Gold (XAUUSD), Crypto, and Indices.
Recommended Timeframes: Highly effective on M15, H1, and H4.
Skrip sumber terbuka
Dalam semangat TradingView sebenar, pencipta skrip ini telah menjadikannya sumber terbuka, jadi pedagang boleh menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupuan anda boleh menggunakan secara percuma, ingat bahawa penerbitan semula kod ini tertakluk kepada Peraturan Dalaman.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Skrip sumber terbuka
Dalam semangat TradingView sebenar, pencipta skrip ini telah menjadikannya sumber terbuka, jadi pedagang boleh menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupuan anda boleh menggunakan secara percuma, ingat bahawa penerbitan semula kod ini tertakluk kepada Peraturan Dalaman.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.