Engulfing Scanner

  • Indicators
  • Pro-Berza
    Pro-Berza
    4.8 (67)
    Developing Software is what we do best.
    You're problem is our problem and we always come up with a solution.
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  • Version: 1.0
  • Activations: 5

This indicator was created to spot potential reversals in the market. It will help you find the edge while trading which is required to be profitable. The indicator does what its good at, processing data objectively and presents you with the results once a new setup has been formed. It can send you a notification or email and such, so you are not required to follow the market every move. This, coupled with the edge it gives, give you the time and rest to take the appropriate action.

The Engulfing Pattern is a candlestick pattern which can normally be found after a period of up or down pressure. A Bullish Engulfing Pattern is normally to be found close at the end of the down movement while a bearish Engulfing Pattern will beat the top of a rising up movement.

When an Engulfing Pattern has been formed, the idea behind it is that the investor sentiment has changed from either bullish to bearish or from bearish to bullish.

This is the point where we get ready for a potential reversal which can lead to good results.


Parameters

  • MaxBarsLookBack - how many bars back do you want the indicator to start monitoring? This is helpful for practicing and to see what happened before.
  • CustomPeriod - let the indicator monitor for Engulfing Patterns on a timeframe other than the current chart like:
    • Current_TF
    • M1
    • M5
    • M15
    • M30
    • H1
    • H4
    • D1
    • WK1
    • MN1
  • StyleOutput - choose the output of any found Engulfing Pattern. You can choose from:
    • OUTPUT_ENGULF_DOT
    • OUTPUT_ENGULF_ARROW
    • OUTPUT_ENGULF_RECTANGLE
    • OUTPUT_ENGULF_LINE
  • StyleBearishEngulfingColor - color of any found Bearish Engulfing Patterns.
  • StyleBullishEngulfingColor - color of any found Bullish Engulfing Patterns.
  • StyleWidth - width of the output being shown.
  • StyleBorder - when the StyleOutput is set to OUTPUT_ENGULF_RECTANGLE or OUTPUT_ENGULF_LINE, you can set the border to:
    • BORDER_SOLID
    • BORDER_DASH
    • BORDER_DOT
    • BORDER_DASHDOT
    • BORDER_DASHDOTDOT
  • StyleFilled - when the StyleOutput is set to OUTPUT_ENGULF_RECTANGLE, you can set the background to be filled or not.
  • StylePipsOffSet - pips being added/subtracted to the output position which makes the output better visible and/or the charts cleaner.
  • DoSendNotification - send a notification when a new Engulfing Pattern has been formed (please enable MetaTrader 4 → Tools → Options → Notifications).
  • DoSendMail - send an email when a new Engulfing Pattern has been formed (please enable MetaTrader 4 → Tools → Options → Email and fill in required fields).
  • DoShowAlert - show an alert and play a sound when a new Engulfing Pattern has been formed.
  • DoShowComment - show a comment in the left upper corner of the chart when a new Engulfing Pattern has been formed.
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This indicator was created to determine the overall trend of the market. Pivot points are support/resistance level areas, at which the direction of price can change. Many people are looking at those Pivot Point levels, which causes the levels to become almost self-fulfilling. Use this indicator to identify reversal points, so you can place your orders or combine it to recognize key price levels that needs to be broken to take a good breakout trade. With this indicator, its easy to find important
This indicator was created to detect possible changes in direction of the market. Inside bars points to a certain level of indecision coming into the market. Neither side, buyers and sellers, have been able to push the price further up or down resulting in indecision. We can use this indicator to monitor for inside bar setups and having the indicator signaling the setup to the trader by alert, notification, it provides the trader with a starting point for his/her trading plan. The validation for
This is a pack which contains both the Engulfing Scanner as well as the Pinbar Scanner . The indicator comes with several sorts of alerts which makes it easy for a trader to wait for a pattern to be formed, have it signaled and then check the chart to see what the bigger story tells you. Pinbar Scanner The Pinbar, or Pinnochio bar, pattern is a a great candlestick pattern which can yield good trading results if traded properly. The idea behind this pattern is that the price tries to trick us in
This indicator is a supporting tool which helps you draw/update any chart object once. The additions or changes are automatically synchronized to all linked chart windows of the same instrument. Setup is simple. Open all required charts you want to work on, attach the indicator to each chart window and start using it. Its only allowed to attach one indicator to each chart. Once attached, you can draw on any chart (as long as it has this tool attached as indicator) and the drawing will show up o
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