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Find DBLHC or DBHLC

Find Double Bar Lows Higher Close && Double Bar Highs Lower Close

The indicator is looking for a Price Action double bar reversal pattern

  • a double bar with similar Lows and higher Close - DBLHC (bullish setup) and
  • a double bar with similar Highs and lower Close - DBHLC (bearish setup).

A pattern may consist of two, three or even four bars. It is believed that the more bars form a pattern, the stronger it is.

The indicator has five configurable parameters:

  1. The difference between adjacent high or low - difference between High and Low of adjacent bars forming a pattern (usually 3 points). The value of 10-15 points is quite normal for 5-digit quotes on H4
  2. StopLoss level in Point - distance between a stop loss level and the lowest Low (bullish setup) bar or the highest High (bearish setup) bar included in the pattern
  3. Draw opening levels and the levels of stop - whether stop loss and market entry/pending order levels should be drawn
  4. Colours levels bullish pattern - level color for a bullish pattern (if Yes in p. 3 has been selected)
  5. Colours levels bearish pattern - level color for a bearish pattern (if Yes in p. 3 has been selected)
Maksym Mudrakov
1878
2016.08.31 09:17 
 

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mikas
1
2015.07.20 19:39 
 

User didn't leave any comment to the rating