Double Top (RTX)

The Double Top RTX extension identifies double tops and bottoms and extends the lines until they are taken out by a future bar. User parameters control the look back period (in bars) and the minimum pullback (in ticks) and the minimum spread (in bars) necessary to detect adjacent tops (and bottoms).

Presentation

DoubleTop Preferences

  • Lookback Bars - Number of Bars the double top must span in order to test true.
  • Min Pullback (Ticks) - The minimum pullback, in tick increments, that must occur between double tops or double bottoms.
  • Min Spread (Bars) - The mimium distance between bars that must occur between double tops or double bottoms.
  • Price Wiggle (Ticks) - The allowable difference in price between tops or bottoms. If the tops/bottoms must have matching prices, specify a wiggle of 0. If the tops can top out within 1 tick increment of each other, specicify a value of 1.
  • Barrier (Bars) - The barrier settings is similar to a fractal period. It requires the endpoints of a double top to have a price equal to or greater than the bars before it and after it, with the number of bars being specified by the user. For example, if a user choosing a Barrier period of 3 bars, each endpoint of the double top must have prices at or greater than 3 bars before it and after it. This forces each endpoint to be a relative high (double tops) or low (double bottoms).
  • Tops - Color and Style control for the Double Tops.
  • Bottoms - Color and Style control for the Double Bottoms.
  • Naked - Color and Style control for the Naked Double Tops or Bottoms .
Double Top Chart (RTX)
Identifies Double Tops and Double Bottoms based on a user specified period.

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Clone of RTL - Investor/RT Language

RTL is the Investor/RT Language, a formula language for composing trading signals, custom indicators, and scans. RTL is an end user language, designed to be used by those with little or no programming skills. RTL is used to write a formula. A formula may be a true/false condition, e.g. CLOSE < MA, that determines whether some condition is true or not for each bar (a signal) or the last bar (a scan). A formula may compute an arithmetic result, called a custom indicator. For example: MA ( HIGH - CLOSE ) computes a moving average of how far an instrument closes from its high. As you can see, RTL is more expressive, simpler, and easier to use than other market data languagues.

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RTL - Investor/RT Language

RTL is the Investor/RT Language, a formula language for composing trading signals, custom indicators, and scans. RTL is an end user language, designed to be used by those with little or no programming skills. RTL is used to write a formula. A formula may be a true/false condition, e.g. CLOSE < MA, that determines whether some condition is true or not for each bar (a signal) or the last bar (a scan). A formula may compute an arithmetic result, called a custom indicator. For example: MA ( HIGH - CLOSE ) computes a moving average of how far an instrument closes from its high. As you can see, RTL is more expressive, simpler, and easier to use than other market data languagues.

Read more