This free Metatrader indicator will detect engulfing candle patterns. It lets you filter out weaker patterns leaving the strongest candidates to trade on.

Engulfing patterns can be either bullish or bearish. Technical traders use them as reversal signals.

This can indicate a change in sentiment which may in turn be a sign of a reversal in the current trend direction. For this reason the indicator has settings to help filter out the low quality patterns.

Very small engulfing bars are not usually significant and traders usually ignore them. Therefore the first setting lets you control the size of the engulfing bar. The basic size is 1 which means equal to an average candle size. When 2 the engulfing candle must be twice the average size. The maximum is ten. Patterns that are below threshold minimum engulfing size are ignored. The second setting is the number of engulfed bars.

Engulfing Bar Indicator for MT4. Download for free

As an example see the figure below. Finally there are two pattern types: With the second setting, the engulfing candle must completely eclipse the the last candle s. A candle cannot be classified as engulfing until the bar is complete.

That is, both the open and close price levels need to be set. This means the indicator will always lag by one bar. When it makes a detection the arrow is drawn on the previous bar engulfing bar not the current bar. The indicator can create an alert whenever an engulfing candle is found. The alerts can be either:. Minimum engulf bar size: The threshold size for accepting an engulfing bar. If the pattern is below this size it will be ignored. Number of engulfed bars: This is the number of trailing bars the current bar should engulf.

Engulfing Candle Indicator Mt4 Download | Forex Free Strategy Download

For example, with a setting of 3, this means the current bar must engulf the previous 3 bars. The default is one bar. Type of engulfing pattern: The engulfing bar must completely eclipse the trailing bar s. When this setting is on the indicator will create an alert in the MT4 terminal whenever a new pattern is detected. You can set this to popup, email or SMS.

You will need to have this setting enabled in the Metatrader terminal. Start Here Strategies Technical Learning Downloads. Home Products Metatrader Indicators MT4 Engulfing Candle Indicator.

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Description Engulfing patterns can be either bullish or bearish. A typical engulfing candle pattern is shown below.

Price Action. Automating the Engulfing Pattern Trading Strategy - MQL4 Articles

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