Engulfing Bar Indicator
Can someone please help me to locate / or to kindly code mt4 engulfing indicator according to these original rules:
Engulfing Bar structure:
The engulfing bar as it states in its title isformed when it fully consumes the previous candle. The engulfing bar can engulf more than 1 previous candle but to be considered an engulfing bar at least 1candle must be fully consumed.
When looking for Engulfing bars we are looking for the large and very obvious barsthat stick out. The bigger the Engulfing bar the better to trade as Engulfingbars are momentum bars, and we want to trade with momentum on our side! Thebigger the bar, the bigger the momentum!
Engulfing bar to be a tradeable, Engulfing bar are:
1: Must be large and obvious,
2: Must form at a swing point.
3.Must consume I previous candle, stronger if it consumes 2 or 3 candles.
I would highly appreciate it so much
I made two indicators, and I'm curious about the opinions from who is using MTF indicators. These indicators draws the line without steps (that's why the name is stepless) and without the refresh problem or backtest incompatibility which standard errors of the MTF indicators.
Stepless MTF RSI (H4 RSI with 14 period in M5):
Stepless MTF CCI (H4 CCI with 14 period in M5):
Something like this one here : https://www.mql5.com/en/forum/173574/page239 ?
It is not a rsi or cci but the principle should be same (linear interpolation shouldn't differ too much in the implementation)
I would be appreciated if someone add MTF option in this 'KWAN' indicator (attached).
Though we have a MTF KWAN indy but it is in BAR FORM by MLADEN !
Kwan multi time frame ...
Multi time frame "kwan" (coloring changed to non repainting mode too) It is a standalone indicator (no need for the indicator from the previous post)
Updated version posted here : https://www.mql5.com/en/forum/173574
Really really appreciate your kindness, time effort and quick response
i tried to follow the indi realtime and with the tester, but i can't understand if the previous bar is changing or not. my bad, my eyes...
would it be possible to add a vertical line in the subwindow on the closed (and not going to be repainted) bar?
a line would be better for me compared with an arrow.
sorry for this additional modification and thanks again.
Yes, my indicator is linear interpolated, but the last bars are weighted, so in M5 (with H4 RSI) not draws salient line, if the first M5 bar (inside the last H4 candle) is a big candle.
If you are doing the weighting (or extrapolating) then, in your example, only the last 5 minute bar out of 48 bars that belongs to 4 hour target bar is going to show correct value of the indicator. So, the user will almost never know the exact value of the current bar
But while the H4 is not closed, we can not be sure that it is the final value