Engulf Seeker
- Indicators
-
Conor Mcnamara
I started learning C programming in 2010. From there I picked up many languages.
I'm working on several indicator projects and EA concepts. - Version: 1.0
- Activations: 5
Key Features and Benefits:
- Utilizes revised logic to analyze previous candles and identify strong bullish and bearish engulfing patterns.
- Convenient arrow-based alert system notifies traders of pattern occurrences on specific symbols and timeframes.
- Versatile application in various market conditions and timeframes, providing valuable entry signals.
- Non-repainting signals and input filtering ensure accuracy and reliability in signal generation.
Usage and Application: Traders can use the Engulf Seeker indicator to:
- Identify potential entry points based on engulfing patterns in trendless or trending markets.
- Combine reversal signals with support and resistance analysis for enhanced trading strategies.
- Customize inputs to suit different trading styles and preferences.
Disclaimer and Risk Disclosure: Trading carries inherent risks, and profits are never guaranteed. Traders should conduct thorough analysis and use the Engulf Seeker indicator as a supplementary tool in their trading decisions. Past performance is not indicative of future results.
Find bull and bear setups in any market based on strong price demand
The Engulf Seeker is a robust trend-based indicator merely designed to enhance your trading toolkit. It efficiently identifies engulfing patterns, offering valuable insights into market trends. While the indicator provides reliable signals, it's essential to recognize that trading carries inherent risks, and profits are never guaranteed. Therefore, it should be used as a complementary tool in conjunction with your own diligent market analysis.Indicator inputs explained:
| Bar Comparison Factor | The multiplication factor by which the body of the most recent bar overlaps or engulfs the body of the previous bar |
| Valid Candlestick Dimension | The minimum size in points between the high and low of the most recent bar for a signal to be valid |
| Compare previous consecutive bars | When this setting is set to true, engulfing patterns are processed where the previous candlesticks of one color are followed by engulfing candlesticks of the same color. When this setting is set to false, the color of historic candles is ignored, and the magnitude of the newest bar is compared to the previous bar directly before it |
| Reduce Weak Signals | This will prevent signals from generating on weak consolidation candles for less than the number points specified by the seed value |
| Shift | This will shift the signals back in time by the value specified. It can provide a clearer visualization to paint the signals back in time to show the point directly before where the candlestick engulfing pattern occurred. It is down to user preference; it is not needed nor used in the factory presets that are provided |
| Activate Alerts | This will activate alerts for when the engulfing pattern occurs. It will alert at which time the pattern occurred, on which symbol it occurred, and on which timeframe it occurred. |
| Alert Type | Choose to alert from the terminal, through the MT5 mobile application, or through email |
Notes about presets and editing the inputs:
Default presets are provided, and there is a different preset customized for each different timeframe. Presets may need to be altered slightly to suit different markets.
The seed value (in points) to reduce weaker signals must be a high value or otherwise there won't be much of an effect (or any effect)
The Bar Comparison factor is supposed to be a decimal number greater than 1 to validate the candlestick engulfing pattern
- Engulfing patterns can find valid price divergence points even in a trendless market
- A priceless signal indicator to accompany other price momentum or trend indicators
- The reversal signals work well in combination with support and resistance lines
- No “weak” signals, and input filtering added to void any signals generating in market consolidation zones
- Will seek the engulfing patterns on any timeframe (ideally H4 and below)
- Indicator does not repaint signals, and there’s absolutely no delay in the painting of the signals
