This script is an extension of the classical engulf pattern with added rules and user defined features.
Engulfing Candle Definition: - Bullish Engulfing: Trade BELOW the prior candle's LOW and CLOSE ABOVE the prior candle's HIGH. Previous candle can be an up (bullish) or a down (bearish) candle - Bearish Engulfing: Trade ABOVE the prior candle’s HIGH and CLOSE BELOW the prior candle’s LOW. Previous candle can be an up (bullish) or a down (bearish) candle
Features: - Set the look-back period for engulfing candle high and low -> default = 1; e.g. Did the bullish eng candle trade below the lows of the last 3 candles and trade above the highs of the last 4 candles? Set the input values accordingly - Choose time frame(s) engulfing candle is to be displayed on -> default = M/W/D/4H/1H/15M - Ability to enable Alerts (includes time frame alert was triggered on): IMPORTANT - when setting alerts ensure to choose "ONCE PER BAR"; otherwise alerts will NOT trigger as intended prntscr.com/r1yzbm
Catatan Rilis
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New features added: - Multi-hour and multi-minute support - Compare candle shadows -> Bullish Engulf: upper shadow can be bigger or smaller than lower by x%. Vice versa for Bearish Engulf - Compare candle size relative to the previous x candles based on candle body and/or shadows - Compare candle look back period based on candle close or candle shadow
What can you use the look-back period settings for? Finding Engulfing reversal or continuation candles (or both - default setting) and reducing the number of false positives (small size candles)
Continuation Engulf example: prntscr.com/r22uku Reversal Engulf example: prntscr.com/r22wuz
famousPear41024
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Great indicator! Respect! How to set up bullish engulfing like this: green candle engulfs green candle with highs and lows?
jitendrapatil0686
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Hii
mtuser
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Great Big Thanks
jitendrapatil0686
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123
jitendrapatil0686
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Hiii
jitendrapatil0686
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Hi
metalislaw
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Is it possible to create a daily or weekly screener based on this indicator? Thanks
Continuation Engulf example: prntscr.com/r22uku
Reversal Engulf example: prntscr.com/r22wuz