Candle Absorption Full
This indicator detects the Engulfing candlestick pattern and draws the corresponding market entry signal.
- It works on all pairs and timeframes.
- The indicator analyzes a combination of 2 or 3 candlesticks depending on settings.
- Distance to arrows is configurable.
- The number of pre-calculated bars (signals) is configurable.
- The indicator can send an alert to notify of a found signal.
- Signal can be filtered by setting the number of candlesticks of the same color (trend) preceding the pattern formation.
- Distance from candles - the distance between the signal arrow and the price. It is recommended to set higher values on higher timeframes. Arrows are drawn at the specified distance from the candlestick low/high. The default is 25.
- Consider candles without a body - take the doji candlesticks (without the body) into account. The default is no.
- Consider absorption in 3 candles - take into account the engulfing of the second candlestick instead of the first one as is usually done. The default is no.
- Number of trend candles before absorption - additional filter. The number of candlesticks of the same color preceding the engulfing pattern. Default - 1.
- Inform about finding the signal - notification (Alert) of the found signal. The default is no.
Important! Candlesticks without a body are counted only when the number of trend candlesticks is equal to one. If you set the number of trend candlesticks greater than one, doji candlesticks will not be counted regardless of the value of the corresponding parameter!
Important! The higher the timeframe you choose, the greater should be the distance from the candlesticks. Recommended parameters: M1-M30 : 25-50, H1-H4 : 50-150, D1:400-500, W1:750-1000, MN: 1000-2000.
Important! Alert is generated once a minute.