The Double Bottom is a bullish reversal pattern. It's in bearish market that we can see this W configuration appear, this one will mark a shortness of breath of the bearish trend, then a bullish reversal of the trend.
The figure is validated when the stock price breaks out the neckline, the highest point between the two bottoms. The theoretical objective of this configuration is obtained by adding the height of the Double Bottom to the neckline, it is common to see a pullback on the neckline before reaching the objective.
The W / Double Bottom screener scans the market for stocks drawing a W pattern within the last 50 candlesticks. Our Double Bottom Indicator is included with the screener to vizualize at a glance the detected figure on chart.
Results are sorted according to the position of the current stock price relative to the Double Bottom :
A general filtering on the daily timeframe is done on the stock price, as well as the exchange's volume. This filtering guarantees the stocks appearing in results are in your liquidity criteria.
Lot of parameters can be adjusted to search only the Double Bottom that meet your criteria. All these settings are made without modifying the code, in a very simple way in the "variables" menu of the screener.
Adjustable validation criteria :
Available filters :
General filter :
Video user guide (english subtitles available) :
Details of available settings :
Disclaimer
Our proposed tools (indicators and screeners) are not investment advices but tools allowing everyone to find specific graphic configurations.
Investing in the financial markets involves risks up to and including the total loss of capital.
The user of the proposed tools understands and accepts that the use of these tools is under his sole and entire responsibility. P2C Trading declines all responsibility in the use of the tools and the consequences that would result.
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