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AlchemyDoubleLowBar (Function)

AlchemyDoubleLowBar identifies a double bottom bar.  If the criteria of a double bottom bar is met, the AlchemyDoubleLowBar function returns 1, otherwise a -1 will be returned.

AlchemyDoubleLowBar (ClRange)

Parameters

ClRange

Specifies the current bar's range percentage above which the current bar needs to closer over.

Returns

If the criteria of a double bottom bar is met, the AlchemyDoubleLowBar function returns 1, otherwise a -1 will be returned.

Usage

Double Bottoms: In a downtrend, a double bottom is a price chart with two prominent lows at around the same high, meaning that the sideways movement continued longer. If the price closes lower than the prior lows, the downtrend will probably be resumed. However, if the price closes above the prior low and begins to strengthen, a trend reversal may be beginning. 

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