The Double Trouble Pattern Recognition in TradingView
The Double Trouble Pattern Recognition in TradingView
Coding a Double Trouble Candlestick Pattern Scanner in TradingView
Candlestick patterns are a great addition to market analysis. Some may even consider them vital in research and trading. This article presents the Double Trouble pattern and shows how to code a scanner in TradingView that detects it.
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The Double Trouble Pattern
Candlestick charts are among the most famous ways to analyze the time series visually. They contain more information than a simple line chart and have more visual interpretability than bar charts.
The Double Trouble pattern is a two-candlestick trend following configuration. The general shape is a candlestick relatively bigger than the previous one. The size metric is measured using a volatility metric called the average true range (ATR).
The bullish Double Trouble is composed of a bullish candlestick with a body range greater than the 10-period ATR of the previous bullish candlestick. The following Figure shows a theoretical illustration of the bullish Double Trouble.
The bearish Double Trouble is composed of a bearish candlestick with a body range greater than the 10-period ATR of the previous bearish candlestick. The following Figure shows a theoretical illustration of the bearish Double Trouble.
Coding the Scanner in TradingView
The conditions of the pattern are relatively easy to code especially in a straightforward and simple coding language such as Pine Script, TradingView’s native language.
The aim of the scanner is to detect the Double Trouble patterns using the following indications:
A green arrow for bullish Double Trouble signals.
A red arrow for bearish Double Trouble signals.
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © Sofien-Kaabar
//@version=5
indicator("Double Trouble Finder", overlay = true)
atr = ta.atr(10)
bullish_double_trouble = close > open and close[1] > open[1] and close > close[1] and (close - open) > (2 * atr[1])
bearish_double_trouble = close < open and close[1] < open[1] and close < close[1] and (open - close) > (2 * atr[1])
plotshape(bullish_double_trouble, style = shape.triangleup, color = color.green, location = location.belowbar, size = size.small)
plotshape(bearish_double_trouble, style = shape.triangledown, color = color.red, location = location.abovebar, size = size.small)The following Figure shows a signal chart after the code has been applied and executed.
The following Figure shows another signal chart.
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