Engulfing Pattern by Size MT4 Indicator
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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.
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.
Metatrader 4 – MT4.
The indicator signals are displayed in a separate window off chart (oc).
Signal on Chart
Signal off Chart
Frequently Asked Questions
After you purchase your indicator, you will see a purchase confirmation page. On this page you will be able to download your purchased indicator. You will also receive an email some time after purchase with another copy of the download link.
You can find full instructions on how to install and activate in this article: How to Install and Use MT4 Custom Indicators and EAs (full guide).
No, custom MT4 indicators and EAs only work on the desktop version of MT4. It is also recommended that you checkout on a PC.
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These products are sold with limited support and ‘as is’. Information on the indicators, their purpose, functionality and inputs are available on each individual indicators page and associated PDF guide which is free to download and review.
For basic troubleshooting please email [email protected] with your purchase reference and we will respond within 24 hours (Monday-Friday).