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AlchemyTripleLowBar (Function)

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

AlchemyTripleLowBar (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 triple bottom bar is met, the AlchemyTripleLowBar function returns 1, otherwise a -1 will be returned.

Usage

Triple Bottoms: In a downtrend, a triple bottom is three prominent lows, 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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