Engulfing Detector Alert

ORITZBABA STRATEGY - Tradingview

The strategy is designed to provide signals from multiple timeframes, using a combination of indicators and rules. Here's a breakdown of the strategy:

Trend Direction

- Weighted Moving Average (WMA): The strategy uses a WMA to determine the trend direction. The WMA should have its adjustable parameters like length, price types (e.g., median, typical etc), and timeframes (e.g., Daily, 12 hours, 8 hours).

Entry Indicators

- Engulfing Detector: Use the Engulfing Detector (Supply & Demand) created by BitcoinJesus in TradingView, to identify bullish and bearish engulfing patterns. Please use the indicator as it is.

- RSI: The Strategy uses the Relative Strength Index (RSI) to determine overbought and oversold conditions. The RSI parameters can be adjusted for each selected timeframe

Entry Signal

- Buy Trade: The Strategy generates a buy signal when:

    1. Price is above the WMA. E.g. on 8hrs Timeframe

    2. A bullish engulfing pattern is detected.

    3. The RSI value of the previous candle (before the engulfing candle) is in oversold territory (below 20). The        engulfing candle may or may not be in the oversold zone

4. Engulfing Detector & RSI (adjustable parameters) for each timeframe to trigger alerts

- Sell Trade: The Strategy generates a sell signal when:

    1. Price is below the WMA.

    2. A bearish engulfing pattern is detected.

    3. The RSI value of the previous candle (before the engulfing candle) is in overbought territory (above 80). The engulfing candle may or may not be in the overbought zone

4. Engulfing Detector & RSI (adjustable parameters) for each timeframe to trigger alerts.

Timeframes and Trade Management

- Multi-Timeframe: The strategy can generate signals in multiple timeframes (e.g., 8 hours, 6 hours, 4 hours, 3 hours, 2 hours, and 1 hour). The strategy should track a maximum of 6 Timeframes simultaneously with each Timeframe generating its own entry signal.

- Signal to be generated at the close of the engulfing candle.

Asset Type

- Can track up to a maximum of 10 different asset type like Indices, commodities, stocks, forex as contained in tradingview.

Stop Loss and Take Profit

- Stop Loss: The strategy sets the stop loss at the high/low price of the two candles forming the engulfing pattern.

- Take Profit: The strategy sets the take profit based on a risk-reward ratio (1:2, 1:1.5, or 1:3).

ALERT

a.       Mobile pop up alert from each selected timeframe

b.      Email notification

c.       Alert message should include the asset, timeframe, buy/sell order to include trigger price, stoploss price and take profit price.

Thanks.

EXAMPLE

Higher Timeframe – WMA (price must respect this selected timeframe.

Timeframe 1 - Engulfing Detector & RSI (adjustable parameters) to trigger alerts

Timeframe 2 - Engulfing Detector & RSI (adjustable parameters) to trigger alerts

Timeframe 3 - Engulfing Detector & RSI (adjustable parameters) to trigger alerts

Timeframe 4 - Engulfing Detector & RSI (adjustable parameters) to trigger alerts

Timeframe 5 - Engulfing Detector & RSI (adjustable parameters) to trigger alerts

Timeframe 6 - Engulfing Detector & RSI (adjustable parameters) to trigger alerts