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Recently I am studying the basic knowledge of screen formula. And I found that it is easy to write formula to search some bullish or bearish candlestick such as engulfing and hammer. But it is really hard to search some price patterns such as double top or double bottom. So I checked the predefined screen formula. Such as PnF Double Bottom Breakout. But the screen result seems to be not so much like the price pattern that I used read from books. I guess maybe I can modify the parameter of this formula. But is it possible that I can check the details of these predefined formula? Thank you
I selected a P&F pattern from a "Predefined" drop down on the Standard Scan Workbench, then hit Update Criteria, then hit Advanced Scan Workbench.
For some "Predefined" selections, you can see the code behind it on the Advanced Scan Workbench. But for this P&F selection you cannot. It just said "Double Bottom =1". I have a feeling it would be the same for the others.
I was not able to find documentation that describes how each pattern is defined either. Maybe @Gord would know.
With respect to PnF charts here's a couple of links to articles in the ChartSchool section which document how PnF charts are created and also the theory behind how the scans can be created.