Double bottom setup event
Marks the second touch of a recent low after a bounce, a double-bottom setup that fires once per run.
The indicator tracks the lowest close of the last 100 bars, about 100 minutes on a one-minute chart. It waits for price to touch that low within eps, then rise at least pullback above it, then return to the low within eps. The marker sits on the bar of that second touch. It does not check for a breakout above the recent high, which a separate breakout indicator does, and it never re-arms, so it fires at most once per run.
How to read it
- Markers are drawn on the candles where the second touch completes, and there is at most one per run.
- The reference low is the lowest close of the last 100 one-minute bars, so the marker lands on a recent local bottom.
- A marker is a setup, not a buy signal: the breakout above the recent high has not happened yet.
- With default settings it fired once in a month of SPY one-minute bars, so expect no marker on most charts.
What it outputs
- Double bottom setup
- Marks the bar where price returns to the recent low after a bounce. Fires at most once per run.
When it fires
The bar where price comes back within eps of the recent 100-bar low, after it had risen at least pullback above that low. It flags a possible double bottom: the second low is in, but no breakout is confirmed yet. It fires once and does not fire again in the same run.
Settings
- eps
- How close a close must come to the low to count as a touch. Raising it counts looser retests, so the second touch completes more easily. Lowering it demands a near-exact retest. Negative values never match, so the indicator never fires.
- pullback
- How far price must rise above the low before the second touch counts. Raising it demands a bigger bounce, so fewer patterns qualify. Lowering it accepts a small bounce. At zero or below the check always passes, so no bounce is needed.
Pitfalls
- It looks broken for a repeating signal: once a pattern completes, the state machine has no transition back to idle, so later double bottoms are never marked until the indicator is reset or the process restarts.
- The low uses closes, not wicks, and the 100-bar window comes from the default input rather than a parameter here. The high stream is wired in but this event does not read it.
- The slider ranges go below zero: a negative eps never fires, and a pullback at zero or below drops the bounce check. Params change which bar the single marker lands on, not how often it fires.