This is a great tool to locate double bottoms and double tops in any kind of data. Double bottom and double top formations are recognized technical formations that often lead to high return-to-risk trades. They are frequently followed by strong moves in the either direction. One way to play the trade is to buy option straddles because the market is unlikely to stay near that level for any length of time. The code for this tool looks for swing points that are close to each other in price level. You determine how close by specifying the percentage of price differential. You also control the minimum percent price retracement between peaks and the maximum and minimum number of bars between peaks. If you have TS2000 or you can use it with the Workplace Assistant to scan all your daily or weekly charts and give you alerts.
