Engulfing Candle Pattern by Size Indicator MT4

Engulfing Candle by Size Indicator MT4

Summary

The Engulfing Pattern by Size 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 candle range is used as the criteria for engulfing the previous candles.

2. The final candle of the engulfing pattern should be the opposite colour of the candle preceding it.

3. The preceding candles do not need to be within the final candle’s candle range but should have a smaller range than the reference (final) candle’s range.

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 indicator allows you to view candles that are smaller than the reference candle and not just engulfed by the body so is a good counterpart to the classic engulfing pattern.

This will help you to scan the markets to analyse this signal against your strategy.

For full indicator details and inputs visit the indicator page HERE

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