Why Are There No Double-Bottom Scans

[VR555]

A couple of searches for a scan for double bottoms has only shown indicators. Are there any scans for double bottoms on this site, or is the one built into thinkorswim the best?

 

[useThinkScript]

The double bottom indicators on the forum are repainters
https://usethinkscript.com/search/2552326/?q=double+bottom&c[title_only]=1&o=date

No, the forum does not support repainting scans
No there are no non-repainting double bottom studies, as the repainting logic is required.

The Problem:
There is no way of identifying that the low is the bottom until long after that bottom formed.
Sadly, confirming that the bottom formed last week, is not what daytraders are seeking.
They want to know that the double-bottom is forming now.

The Solution:
Repainters identify every new low as the bottom, in hopes that this is where the bleed ends.
When it is not, it erases that point, riding it down to the next tick, and identifies that as the bottom.
This is helpful for daytraders, who use this as immediate confirmation to their other indicators that are lining up; that a potential reversal is forming.

Meanwhile a scan would trigger on every downward tick, rendering its usefulness less than optimal.

Best usecase for repainters: use your other non-repainting indicators that are lining up as your scan filter and then review your chart for the double-bottom as confirmation.

 

[VR555]

The one I’m referring to is in Scan Hacker > Add Filter > Patterns > Double Bottoms. That may not be exactly right since I’m operating from memory, but it should be pretty close to show what I mean. Thank you, as always, for your help.

 

[useThinkScript]

ThinkOrSwim does not provide the ability to view or edit the underlying ThinkScript pattern code for the double-bottom filter.

When you click "Edit" on a Pattern filter in the Stock Hacker scan tab, you are only allowed to modify the GUI parameters (Pattern length, Direction, Trend, Breakout).​

To answer your core question:
The code powering this built-in pattern is proprietary and hardcoded into the platform's backend.
Therefore, there is no way to know whether it is repainting.

Hazarding A Guess:
In the editable parameters, you see breakout: complete or emerging

Perhaps that could mean that the complete-type is a lagging identification of historical double bottoms? and
emerging-type would more likely be repainting attempts at current double bottoms?


When you add this pattern to your chart, what type of behavior do you see?