Engulfing scanner with RSI filter
This indicator scans for engulfing and tweezer formations.
- Can monitor all symbols visible in your Market Watch window at the same time. Apply the indicator to just one chart and instantly monitor the entire market.
- Monitors every timeframe, from M1 to MN, and sends you a real-time alert when an Engulfing formation is identified.
- Uses RSI as a trend filter in order to properly identify potential reversals.
You can place the indicator on for instance EURUSD M5 chart and receive an alert from any pair and any timeframe of your choice.
- Patterns to scan for: In this list you can select from 3 different engulfing patterns (only 1 can be selected):
- range candle B engulfs range candle A
- body candle B engulfs range candle A
- body candle B engulf body candle A
- Min. engulfing candle body size percentage (0 = any body size): A higher percentage (larger body) will give higher quality signals.
- Min. engulfing candle size in points (0 = any size): Only engulfing candles (second candle) larger or equal than this size will give an alert. Default is 0.
- Max. engulfing candle size in points (0 = any size): Only engulfing candles (second candle) smaller or equal than this size will give an alert. Default is 0.
- Enable tweezer scanning: Set to true to include scanning of tweezer top/bottom formations.
- Use RSI?: Enable RSI. Enabled will get fewer signals but higher quality.
- RSI overbought and oversold levels: The engulfing candle must form above/below these levels at candle close in order to be valid.
- RSI Period: Default period is 14.
- RSI shift: Candle (shift) on which to calculate RSI. 1 = engulfing candle, 2 = candle prior to the engulfing candle. You can also set this to a higher value. Default is 2.
- RSI apply to price: RSI level is calculated from this setting.
- Symbols to scan: Here you will put all symbols you would like to monitor. Every symbol must be put in the exact way as it is visible in the Market Watch window and separated with a comma. If you put a symbol not visible in the Market Watch window, that symbol will not be scanned.
- Timeframes: Set to True for each timeframe you would like to monitor.
- Alerts: Set to true for each alert type you would like to receive.
- added possibility to set min/max size of the engulfing candle