Engulfing Candle Pattern by Number Indicator MT4

Engulfing Candle by Number Indicator MT4

Summary

The Engulfing Pattern by Number indicator is a candle pattern indicator that draws a signal on the chart whenever an engulfing candle pattern is formed that engulfs 1 or more candles. The number of candles to be engulfed is chosen by the user. The indicator criteria are:

1. Two or more candlesticks comprise the engulfing pattern. The final real body must engulf the prior real bodies (it need not engulf the shadows).

2. The final real body of the engulfing pattern should be the opposite colour of the real body preceding it (it need not engulf the shadows).

A bullish candle is shown with a green arrow below the candle and a bearish candle is shown with a red arrow above the candle. Indicator includes alert notifications.

Key Benefits

Candle patterns are some of the most commonly used technical analysis tools.

This indicator allows you to quickly identify the Engulfing Pattern either on the chart or in a separate window and choose the number of candles to be engulfed.

This will help you to scan the markets to analyse this signal against your trading strategy or to assist you in your trade management decisions.

 

For full indicator details and inputs visit the indicator page HERE

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