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Engulfing Fail zones Detection

MQL5 Indicators Experts

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Specification

Hi All, I will try to be as precise as possible. We can discuss if you have any questions.

I need an indicator to be developed for MT5 for detecting Engulfing Failed Zones.


Requirement (in H4/ H1/ M30 Time frames only):

  1. Identify Engulfing Buy/ Sell Candle.
  2. Identify when the Engulfing Buy is failed, or Engulfing sell is failed.
  3. Draw a zone for that area of Engulfing Buy/Sell Fail.
  4. Invalidate the zone or delete the zone drawing when The Engulfing Buy/ Sell Fail zone becomes invalid.


Please find the pictures with examples specific to each point.

Requirement specific Example pictures.

Files:

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