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Deals damage, and the user receives recoil damage equal to 1/4 of the damage dealt to the opponent, rounded down. If the user knocks itself out and the opponent's Pokémon survives, then the opponent's Pokémon will not attack during the same turn. The Pokémon will not lose 1 PP for the attack it was about to use. The effects of poison, burn, and Leech Seed will be ignored on that turn.
Double-Edge is one of the most powerful Normal-type moves. However, unless you need the raw power, it's often outclassed by the weaker alternative Body Slam, which paralyzes opponents 30% of the time. It's thus not seen often in the competitive scene. That said, it is often used by Fearow, who lacks Body Slam.
Body Slam is an alternative that is less powerful but boasts a 30% chance of paralysis.