Engulfing Candle Pattern Indicator that shows a potential zone for your trades. Often used for Supply/Demand and Support/Resistance Strategies!
Indicator Properties
Variables
- Max Candles : Number of Candles you want to elaborate
- Use "0" for All the candles in the chart
- Engulfing Size : Size of the Engulfing Candle
- Personally i use 2 or 3 for this setting.
- This setting is based on the size of the engulfing candle, more specifically, shows only engulfing that are bigger X times of the smaller candle (smaller body candle * Value of Engulfing Size)
- This setting allows the user to filter most of the small engulfing patterns happening in the chart
- Pips Approximation : Value that helps the software detecting Patterns, keep it really low, 1-2 Pips max
- I remember that software does NOT calculate AUTOMATICALLY digits of your broker, so set this value accordingly multiplying or dividing by 10
Colors for Bricks
- Color Bullish Arrow/Zones
- Color Bearish Arrow/Zones
Enable/Disable Features
- Enable Zones : Enable drawing for Engulfing zones
- Enable Arrows : Enable drawing for Arrows Above/Below Engulfing Candles
