Rounding Bottom & Top Detector [JPT]

🔷 OVERVIEW

The Rounding Bottom & Top Detector [JPT] is a technical analysis indicator designed to identify potential rounded reversal patterns in the market. It highlights bowl-shaped and inverted bowl-shaped formations, helping traders recognize possible trend changes.

🔷 HOW IT WORKS

1. Rounding Bottom: Identifies a potential bullish reversal structure and highlights the resistance level. A breakout above resistance may indicate upward momentum.

2. Rounding Top: Identifies a potential bearish reversal structure and highlights the support level. A breakdown below support may indicate downward momentum.

3. Curved Formation: Draws curved lines to visualize the potential rounding structure.

4. Breakout Signals: Displays bullish and bearish markers when the configured price conditions are met.

5. Alerts: Supports TradingView alerts for potential bullish breakouts and bearish breakdowns.

🔷 HOW TO USE

• Add the indicator to your TradingView chart.
• Adjust the Pattern Lookback setting to control the detection window.
• Enable or disable curved formations, support and resistance levels, and breakout signals.
• Watch for a confirmed candle close above resistance or below support.
• Combine the signals with market structure, volume, and higher-timeframe analysis for additional confirmation.

🔷 IMPORTANT NOTE

This indicator identifies potential rounding formations using predefined conditions. Not every formation leads to a successful reversal, and signals may vary across markets and timeframes. Always use proper risk management and additional confirmation before making trading decisions.