Not quite. It incorporates both winning & losing martingale strategies with a compounded winning return. With Martingale you only ever win back your initial trade. My way playing both sides of the price range grows with each level.
an update to this strategy is not to place any hedged trades from the current price position, because you neither win or lose anything until the first pending order is hit & all your doing is needlessly wasting money. Instead simply place buy/sell pending orders apart with out entering the trade, so as for the pyramid formation you would start at level 2 & ignore the first leg