Find DBLHC or DBHLC with Alerts
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. After the pattern is found, the indicator (if set in parameters) displays an alert in the chart, sends push-notification to your mobile device, or sends e-mail. If the indicator has found a pattern which strengthens the previous one, the alert contains a multiplier: х2, х3, х4, etc., depending on how many times the very first pattern of the chain has been strengthened. For example: it has been informed about a Buy pattern for two bars with identical Low. If the next bar is within the limits which will be considered as identical Low of the first and the second bars by the indicator, you will get an alert about the pattern x2. If the next first bar also has Low similar to the second bar's Low, the alert will contain the x3 multiplier, etc. At that the entry level and the stop level are drawn for all new signals included in one pattern, and the signal arrow which appears on the entry level will be moving to the last signal of the pattern.
The indicator has eight configurable parameters:
- 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
- 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
- Draw opening levels and the levels of stop - whether stop loss and market entry/pending order levels should be drawn
- Colours levels bullish pattern - level color for a bullish pattern (if Yes in p. 3 has been selected)
- Colours levels bearish pattern - level color for a bearish pattern (if Yes in p. 3 has been selected)
- Use Alerts - send an alert when a pattern is detected (Yes/No)
- Send Push-notifications - send push-notifications (Yes/No)
- Send mail - send email (Yes/No)
All three notification parameters can be combined as you wish.
When the cursor hovers the levels, their description and the price value of the levels are displayed.