A double bottom — price making a low, bouncing, and holding a second, roughly-equal low — is a classic reversal pattern. When that second low forms right at the put wall, you have confluence: the chart pattern and the mechanical dealer floor pointing at the same price.
The setup
Price dips to the put wall and bounces (first bottom), pulls back down, and tests the wall again — forming a second bottom at or near the same level that holds rather than breaking through. In a positive-gamma regime, that second hold is the dealer floor being defended twice. The double bottom confirms buyers, and the put wall explains why they showed up.
Entry, target, stop
Entry: the confirmation of the second bottom — price turning up off the wall and reclaiming the intervening pullback high (the “neckline”), buying calls. Target: VWAP, gravity, or the measured move of the pattern. Stop: a decisive break below the double bottom / put wall — two failed holds becoming a break is a strong bearish signal you don't want to be long into.
A double bottom tells you buyers defended a price twice. The put wall tells you the flow was helping them. Together, that's a floor worth trading.
Why the confluence matters
A double bottom in mid-air is mediocre; a double bottom at a mechanically-defended level is high-odds — the same principle as the put-wall bounce, sharpened by a confirming pattern. Require the regime (positive gamma) and the confluence; a double bottom against a negative-gamma tape can still break down as the floor gives way. NoVo maps the put wall so you can see when a chart pattern is landing on real support versus forming on nothing.