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 v6 · On the chart
Stocks - Bullish Engulfing
This Pine Script strategy identifies classic bullish engulfing candlestick patterns to open long positions, deploying 100 percent of equity.
GitHub stars23on the repository
Pine versionv6current
Lines of code31
Settings2inputs
LicenceCustom licence
Last update3 months ago24 Jul 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
Stocks - Bullish Engulfing calculates a short-term Relative Strength Index to determine exits, closing open long positions when the RSI exceeds a configurable overbought threshold. The strategy overlays directly onto the price chart and offers inputs to adjust the RSI length and exit level. It does not include a stop loss or take profit mechanism.
- Bullish engulfing candlestick pattern recognition
- Short-period RSI overbought exit condition
- Full equity position sizing
- Configurable RSI length and exit threshold
Details
Published by
LouisLetcher on GitHub
Type
Strategy, Pine Script v6
Draws
On the price chart
Category
Candlestick patterns, Oscillators & momentum
Markets
Stocks
Timeframes
Any timeframe
Risk Notes
- The strategy enters trades without a stop loss
Topics
algorithmic-tradingindicatorspinescriptstrategiestechnical-analysistradingview-scriptsbacktestingquantitative-financetrading-strategiestradingview
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| RSI Length | int | 2 | rsiLength |
| RSI Exit Threshold | float | 90 | rsiExitThreshold |
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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