by 
Improvising [Alorse] is a price-chart strategy that looks for a one-bar candle reversal filtered by a 10-period EMA, a 14-period RSI, and a rising or falling MACD. Longs require a bearish bar followed by a bullish close above the EMA, RSI below 65, and a risin
Strategy · Pine Script v5 · On the chart
Engulfing and Stochastic Strategy
This Pine Script strategy combines bullish and bearish engulfing candlestick patterns detected on the price chart with a stochastic oscillator for entry signals.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code74
Settings5inputs
LicenceNone stated
Last update7 months ago27 Mar 2026
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new strategy, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart. The trades and results appear in the Strategy Tester tab; adjust the settings with the gear icon.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
The stochastic is calculated using inputs for K period, D period, and smoothing. Long entries trigger on bullish engulfing when stochastic is below the oversold level, while short entries activate on bearish engulfing above the overbought level, both further filtered by a time range from May 15 2024 to December 1 2024. Position size uses a fixed investment amount divided by current price per trade. The strategy draws signals on the price chart, sends JSON order alerts, and closes positions on opposite signals or exit conditions without stop loss or take profit.
- Stochastic Oscillator
- Engulfing Candlestick Patterns
- Fixed Position Sizing
- Time-Based Entry Filter
- Strategy Order Alerts
Details
Published by
gabriel-klettur on GitHub
Type
Strategy, Pine Script v5
Draws
On the price chart
Category
Candlestick patterns, Oscillators & momentum
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- The strategy can add several entries in the same direction
- The strategy enters trades without a stop loss
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| K Period | int | 14 | k_period |
| D Period | int | 3 | d_period |
| Smooth K | int | 3 | smooth_k |
| Overbought Level | int | 90 | overbought |
| Oversold Level | int | 30 | oversold |
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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