Double top setup event
Marks a second test of the recent high after a dip, the setup for a double top. Rare, and at most once per series.
Tracks the highest close of the last 100 bars (100 minutes on a one-minute chart) and moves through four states: idle, first touch, pullback, second touch. With default settings, a first touch is a close within 0.3% of that high, a pullback is a close at least 0.6% below it, and a second touch is a close back within 0.3% of it. The marker fires on the bar that completes the second touch. The low channel input is passed in but never used.
How to read it
- The marker sits on the candle where price returns to the recent high for the second time.
- The high is the highest close of the last 100 bars, so it drifts as old bars leave the window.
- A dip of at least 0.6% below the high must come between the two touches, or nothing is marked.
- No marker is the normal state: it means no double top completed in the loaded bars.
What it outputs
- Double top setup
- A marker on the bar where a second touch of the recent 100-bar high completes a double top shape after a pullback.
When it fires
Fires once, on the bar where the close returns to within the touch band of the recent high after a dip of at least the pullback size. It flags a possible double top, a classic bearish shape, not a confirmed breakdown. The confirmed breakdown below the lows is a separate pattern indicator.
Settings
- eps
- How close the close must come to the recent high to count as a touch. Raising it (0.01 = 1%) allows looser touches, so more setups qualify. Near 0 it needs an almost exact match. Negative values never match, so nothing is marked.
- pullback
- How far the close must drop below the high between touches. Raising it (0.01 = 1%) demands a deeper dip, so fewer double tops qualify. Lowering it toward 0 accepts shallow dips and fires more. Negative values make almost any close count as the dip.
Pitfalls
- Rare at default settings: it marked one bar in the sampled month of SPY one-minute data (2026-09-01 to 2026-10-01), so most charts show no marker.
- It never re-arms: after the second touch it stays in that state, so it marks at most one bar per loaded series and misses later double tops. A missing marker later in the chart does not mean no double top.
- The low channel input is passed in but unused, and the high is taken from closes, not intraday highs, so wicks do not count.