Cup and Handle IndicatorThis is a Cup and Handle Indicator. Features include:
Can set alert at any point after handle starts rising before breakout
Can detect multiple tops before confirming cup and handle pattern, not just double.
Many settings to adjust to meet your exact requirements
The functionality of this indicator is very similar to my double top indicator , and inherits majority of the settings/inputs. Please try that indicator before using this one.
From Wikipedia: In the domain of technical analysis of market prices, a cup and handle or cup with handle formation is a chart pattern consisting of a drop in the price and a rise back up to the original value, followed first by a smaller drop and then a rise past the previous peak. It is interpreted as an indication of bullish sentiment in the market and possible further price increases.
The cup part of the pattern should be fairly shallow, with a rounded or flat "bottom" (not a V-shaped one), and ideally reach to the same price at the upper end of both sides. The drop of the handle part should retrace about 30% to 50% of the rise at the end of the cup. For stock prices, the pattern may span from a few weeks to a few years; but commonly the cup lasts from 1 to 6 months, while the handle should only last for 1 to 4 weeks.
The "cup and handle" formation was defined by William O'Neil"
Key settings to note compared to my double top indicator are highlighted in following image
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Best regards.
