Double-Top and Double-Bottom Trading with Fibonacci Targets

Summary

This TradingView strategy detects double-top and double-bottom patterns from pivot points. A configurable pivot lookback determines significant highs and lows, while a tolerance setting allows the pattern’s key points to differ in height by a chosen share of its range. The strategy can trade either pattern direction, reverse an open position when an opposite setup appears, and restrict entries to a selected date range.

Profit targets and stop levels are defined using Fibonacci extensions of the pattern’s height, with an optional ATR-based trailing stop after the target extension is crossed. The script also includes chart annotations, trade-level displays, and alert integrations. These features describe how the strategy is configured and operated; the supplied document does not report performance results or provide a complete view of the pattern-detection logic. Its settings therefore need independent testing, and outcomes may depend on market, timeframe, and parameter choices.

Key ideas

• Pivot lookback and height tolerance govern which highs and lows qualify for a double pattern.
• The strategy can detect double tops, double bottoms, or both, and can reverse on an opposite signal.
• Fibonacci extensions of pattern height define the target and stop levels.
• An optional ATR trailing stop takes over after price breaches the target extension.
• The document describes configurable rules and alerts but does not provide backtest results.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.