Double bottom breakout event
Marks a double-bottom breakout, but it can fire only once per run and never at default settings.
It takes the 100-bar low and high of the close from a Donchian channel. A double bottom is a close within eps of the low, then a rally of at least pullback above it, then a close within eps of the low again. The state machine never returns to idle, so the second bottom is counted once per run, and the signal fires on the next bar only if the close is above the high adjusted by band.
How to read it
- Markers are drawn only on the bar after a second bottom, and only if that close clears the 100-bar high adjusted by band.
- The pattern is one-shot: after its first second bottom the indicator never re-arms, so one marker is the most a run can show.
- No marker means the pattern did not complete or the breakout bar missed; the indicator does not say which.
What it outputs
- Double-bottom breakout
- Fires once on the bar after a second bottom, if the close clears the 100-bar high adjusted by band.
When it fires
On the bar after a second bottom, if the close clears the band-adjusted 100-bar high. Only that one bar is tested, so a miss on that bar means no marker for the rest of the run.
Settings
- eps
- Tolerance, as a fraction of price, for a close to count as touching the 100-bar low (0.003 = 0.3%). Raising it makes bottoms register more loosely, so more setups. Negative values never match, so it never fires.
- pullback
- How far the close must rally above the 100-bar low before the second touch counts (0.006 = 0.6%). Raising it demands a deeper bounce, so fewer setups. Zero or negative means no bounce is needed.
- band
- How far the close must clear the 100-bar high, as a fraction of the high. Zero or positive can never pass, because the high already includes the current close. Negative values lower the bar: -0.01 accepts any close within 1% under the high.
- confirm_days
- Consecutive bars the breakout test must pass. Anything above 1 never fires, because the second-bottom signal lasts a single bar.
Pitfalls
- Looks broken at default: the 100-bar high includes the current close, so band 0 can never pass. It fired 0 times on SPY one-minute bars for September 2026.
- The pattern spans 100 one-minute bars, about 1 hour 40 minutes, so this is an intraday wiggle, not a chart-scale double bottom.
- The slider range includes negative eps and pullback. Negative eps never fires and negative pullback drops the bounce test, so those values are not useful.