EZT Engulfing

This is a Multi Timeframe engulfing candle alert indicator. You can use on the current timeframe only or all of the timeframes from the 1 minute to the monthly.

This is a non-repainting MTF indicator.

When you use the selected timeframes option, (MultiTimeframe mode), you can see signals on the actual current timeframe and above.

There is a Pop up, email, and push notification alerts for each chosen timeframe separately.

The indicator place a dot on the price chart. For bullish engulfing candle is below on the price line, for bearish engulfing candle is above on the price line.

In case you only want to get the alerts and do not want your chart to be crowded with dots, simply choose the arrow colors: none.


Settings:

  • Candle limit to show arrows: How many candles back to display the arrows/dots.
  • Timeframe selection mode: Current or the selected timeframes.
  • Engulfing filter mode: Three option to choose from, “Strong official”, “Official” and “Unofficial”. All three option consider the last 20 candle average body size, the high and low, and the opening and closing of the engulfing candle compare to the previous candle. Also consider the size of the candle body and wick. There is a little difference between the three options, for regular engulfing use the official version.
    1. Strong Official: Previous candle body minimum 30% of the last 20 candle average size. Engulfing candle high/low must overlap fully the previous candle.
    2. Official: Previous candle body minimum 15% of the last 20 candle average size. Engulfing candle high/low overlap or same size like the previous candle.
    3. Unofficial: The engulfing candle opening side does not have to overlap previous candle. The closing of engulfing candle must overlap previous candle high/low.
  • Arrow size: How large you like the dot.
  • Arrow color: Just a color.
  • Pop up alert: true or false.
  • E-mail alert: true or false.
  • Notification alert/ Push alert: true or false.
  • “ Manual Timeframes”: You can set individually each timeframe settings.
  • “Draw higher timeframe bodies”: When true, the indicator draw a higher timeframe candle shadow over on the current candles.
  • “Info panel”: You can choose to see the info panel or not. Also you can choose the corner you like to place it.
When you use the indicator, take it into consideration
  • Larger timeframe signals are lot more reliable.
  • When in a smaller timeframe, use only the signals with the current major trend.
  • The best signals appear around support and resistance levels, and supply /demand zones.

Take a look to our other products here: https://www.mql5.com/en/users/tradeez-fx/seller

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Master head and shoulders patterns for better trading decisions A head and shoulders pattern is a chart formation that resembles a baseline with three peaks, the outside two are close in height and the middle is highest. It predicts a bullish-to-bearish trend reversal and is believed to be one of the most reliable trend reversal patterns. It is one of several top patterns that signal, with varying degrees of accuracy, that a trend is nearing its end. [ Installation Guide | Update Guide | Trouble
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