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pjyalaman
Posted : Monday, September 12, 2011 10:55:13 AM
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Joined: 4/13/2011
Posts: 5

I would  like a pcf for double top double bottom to use in a scan for v12.

Bruce_L
Posted : Monday, September 12, 2011 11:00:13 AM


Worden Trainer

Joined: 10/7/2004
Posts: 65,138
You may wish to review the following for information on pattern recognition in TeleChart 2007 and TC2000 version 12 (concentrating on topics mentioning double tops or double bottoms):

Falling wedge
Cup with a handle formation
PCF for cup with a handle
Scanning for Chart Patterns
Scanning for Stocks Printing a Double or Triple Bottom
PCFs for pennants and flags
PCF's for Triangles
Does TeleChart support Elliott Wave indicators?
Double top/bottom trend
Finding Double Tops and Double Bottoms
CUP AND HANDLE AGAIN
Finding Continuation Triangles And Wedges With Telechart
Cup & Handle PCF
Double tops and bottoms
Flag wedge and pennant pcf

That said, I personally do not think complex pattern recognition is practical in TeleChart using Personal Criteria Formulas and EasyScans. This is true of pattern recognition in general with the exception of fixed size candlestick patterns (which are fairly straightforward as long as the pattern is well defined):

Boolean PCFs for Candlestick Patterns

-Bruce
Personal Criteria Formulas
TC2000 Support Articles
TomTerrific
Posted : Monday, September 12, 2011 11:41:17 AM
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Joined: 10/7/2004
Posts: 130
To be able to make the PCF, at least 3 things must be defined.  The first is what is the difference in price that should be allowed between the 2 bottoms/tops to define an equivalent price because usually prices don't match identically.  The second is how much time are you going to search (ie the number of bars between the bottom/tops).  And a third is how far back the first bottom/top occurred.  This assumes that the bottom/top is not today since, by definition, if it is today, you can't say this is the bottom or top since the trend has not reversed yet.
pip-hunter
Posted : Tuesday, April 3, 2012 3:07:23 PM
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Joined: 4/3/2012
Posts: 1

How would I scan for double tops or double bottoms on Forex 15 min charts? Would it be any different on 1 hr, 4 hr or daily charts?

 

To be able to make the PCF, at least 3 things must be defined.  The first is what is the difference in price that should be allowed between the 2 bottoms/tops to define an equivalent price because usually prices don't match identically.  UP TO 10 PIPS

 

The second is how much time are you going to search (ie the number of bars between the bottom/tops).  I AM INTERESTED IN INTRADAY ON A 15 Min. CHART AS WELL AS MULTI DAY

And a third is how far back the first bottom/top occurred.  This assumes that the bottom/top is not today since, by definition, if it is today, you can't say this is the bottom or top since the trend has not reversed yet. I AM INTERESTED IN INTRADAY ON A 15 Min. CHART AS WELL AS MULTI DAY

Bruce_L
Posted : Tuesday, April 3, 2012 3:28:25 PM


Worden Trainer

Joined: 10/7/2004
Posts: 65,138

TomTerrific may be able to create double top or double bottom formulas based on his questions and your answers, but I can't.

As stated in my original response, I personally do not think complex pattern recognition is practical in TC2000 using Personal Criteria Formulas and EasyScans.



-Bruce
Personal Criteria Formulas
TC2000 Support Articles
f.lb
Posted : Wednesday, January 27, 2016 7:46:21 PM
Registered User
Joined: 4/3/2012
Posts: 56

Im also interested in finding double tops and bottoms in the 15 minute chart or 1 h chart.

i habe look at the links but the problem is that they use percentages which is not practical and cannot be applied to the 15m or 1h charts. 

Im looking for "M" and "W" patterns that have a minimum of 4-5 bars between them. the pattern does not have to be perfect, but it has to allow me to find stocks for further study.

please bruce can you help

thanks

kind regards

Bruce_L
Posted : Thursday, January 28, 2016 11:42:10 AM


Worden Trainer

Joined: 10/7/2004
Posts: 65,138

I really can't help. I will point out that there is only kind of a problem with using percentages though, because it depends on the answer to the question, "A percentage of what?"

You mentioned, "they use percentages which is not practical and cannot be applied to the 15m or 1h charts." This statement is generally going to be true only when applied to the type of percentage that doesn't translate well between time frames.

There are generally two types of percentages used in the formulas which attempt to identify these types of patterns. One of these translates just fine when changing time frames and the other one does not.

The Scanning for Stocks Printing a Double or Triple Bottom topic mentions both types of percentages at various points. Note that mentioning this topic as an example doesn't mean I think it is necessarily very good. I generally think most of the techniques are pretty bad at identifying these types of patterns (and don't know of a good way).

Let's take a look at the type of percentage that does translate well between time frames.

QUOTE (ejr39)
. the advance off the first bottom (Support) should be 10-20%
PCF1: (MAXC10>(MINL10.20+((MAXH10.20-MINL10.20)*.1))AND
MINC10<(MINL10.20+((MAXH10.20-MINL10.20)*.2)))

Note that it uses MAXH10.20 - MINL10.20 to determine the range over the 10 bars ending 20 bars ago. It then looks for where the highest and lowest prices over the most recent 10 bars are not as a percentage of a fixed price, but as a percentage of the range.

You mentioned, "they use percentages which is not practical and cannot be applied to the 15m or 1h charts." This statement is generally going to be true only when applied to the type of percentage that doesn't translate well between time frames. Let's take a look at an example that doesn't translate well.

QUOTE (ejr39)
3. ALERT: today’s close is within 5% of the midpoint high of the “W” pattern
PCF3: (C<MAXC10.10 AND C>MAXH10.10*.95)

This doesn't translate well between different time frames because the percentage used is of a fixed price (the highest high of the 10 bars ending 10 bars ago) instead of a range.

To "fix" it so it worked between time frames, you would need to base the percentage on a range of some sort instead of basing it on a percentage of a fixed value. I have no idea if 5% of the range of the 10 bars ending 10 bars ago will work (I suspect not and that it will be too narrow), but the conversion would resurt in the following.

C < MAXC10.10 AND C > MAXH10.10 - .05 * (MAXH10.10 - MINL10.10)



-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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