Find DBLHC and DBHLC
The indicator is looking for a Price Action double bar reversal pattern.
- A double bar with similar Lows and higher Close - DBLHC (bullish setup)
- 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:
- 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)