This indicator detects bullish and bearish engulfing candlestick patterns on the main price chart based on configurable bar fullness and height filters.
Bull & Bear Engulfing - 3 Strike and 180 Candles X EMA identifies specific pattern variations, including 3-Strike reversals and 180-degree turnarounds, marking them with visual shape labels directly above or below the price candles. Additionally, it plots three customizable Exponential Moving Averages (EMAs) with independent length and offset settings to help traders assess prevailing market trends alongside pattern signals.
Engulfing pattern detection with bar fullness filters
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
Bar Fullness Percentage
float
80
candlperc
Average Bar Backwds Candles
int
20
AvgBarBack
Average Bar Height Multiptier
float
1.5
avgcandlmult
Length1
int
9
len1
Source1
source
close
src1
Offset1
int
0
offset1
Length2
int
20
len2
Source2
source
close
src2
Offset2
int
0
offset2
Length3
int
50
len3
Source3
source
close
src3
Offset3
int
0
offset3
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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