by 
This overlay indicator combines price-action swing structure with a MACD comparison and a dual moving-average filter. It finds pivot highs and lows, labels higher highs, lower highs, higher lows and lower lows, and builds a trend bias from those swings. It rep
Indicator · Pine Script v5 · On the chart
Fractal Engulfing Candles
This indicator identifies bullish and bearish engulfing candlestick patterns filtered by fractal swing points and RSI momentum levels.
GitHub stars2on the repository
Pine versionv5runs as is
Lines of code43
Settings2inputs
LicenceNone stated
Last update2 years ago13 Sep 2024
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 indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
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
Fractal Engulfing Candles detects swing highs and lows over a configurable lookback period, requiring bullish signals to coincide with a swing low and an RSI reading below 30, while bearish signals require a swing high and an RSI reading above 70. It also plots a 9-period Exponential Moving Average for trend context. Signal triangles are drawn directly on the main price chart.
- Fractal swing high and low detection
- RSI oversold and overbought filtering
- Bullish and bearish engulfing candle identification
- Chart overlay with signal shapes and EMA line
Details
Published by
Web3Degenerate on GitHub
Type
Indicator, Pine Script v5
Draws
On the price chart
Category
Candlestick patterns, Oscillators & momentum, Support & resistance
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Swing High Lookback | int | 10 | swingHighBarsBack |
| Swing Low Lookback | int | 10 | swingLowBarsBack |
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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