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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
12277
2016.08.31 09:17 
 

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mikas
31
2015.07.20 19:39 
 

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Version 1.1 - 2017.04.03
Added the ability to specify the offset in points for the entry level in the settings.
When the cursor hovers the levels, their description and the price value of the levels are displayed.