Engulfing Volume
- Indicatori
- Hicham Mahmoud Almoustafa
- Versione: 2.0
- Attivazioni: 10
ProTrader Engulfing + Volume Indicator
Overview
ProTrader Engulfing + Volume is an indicator for MetaTrader 5 that detects Bullish and Bearish Engulfing candlestick patterns and confirms them using real-time volume analysis. The indicator filters out weak signals by requiring a volume spike above a configurable moving average threshold before displaying any pattern on the chart.
Each confirmed signal includes automatic Take Profit and Stop Loss levels drawn directly on the chart. The Stop Loss is placed at the recent swing high or swing low, and two TP targets are calculated using configurable Risk-to-Reward ratios. A built-in dashboard provides real-time signal monitoring, volume analysis, and trade statistics.
How It Works
Signal Detection
The indicator scans each completed candle for standard Engulfing patterns. A Bullish Engulfing requires a bearish candle followed by a bullish candle whose body fully engulfs the previous body. A Bearish Engulfing is the reverse. A strict mode ensures the body completely covers the prior body, while a relaxed mode allows partial overlap.
Volume Confirmation
After an Engulfing pattern is found, the indicator compares the current candle volume against a Simple Moving Average of volume over a defined lookback period. The signal is confirmed only when the volume exceeds the average by a specified multiplier. For example, a multiplier of 1.5 requires the volume to be at least 50% above the average.
Additional Filters
A Body-to-Range Ratio filter removes signals from doji-like candles. An ATR-based filter ensures the engulfing body has meaningful size relative to current volatility. An optional EMA Trend Filter restricts Bullish signals to below a moving average and Bearish signals to above it, providing a reversal context.
TP and SL Levels
When a signal is confirmed, the indicator finds the recent Swing Low (for Bullish) or Swing High (for Bearish) within a configurable lookback window. This becomes the Stop Loss. Two Take Profit levels are calculated from Risk-to-Reward ratios (default: TP1 at 1.2, TP2 at 1.4). All levels are drawn as color-coded zones with price labels showing exact prices and pip distances.
Features
- Bullish and Bearish Engulfing detection with Strict or Relaxed matching modes
- Volume spike confirmation using SMA of tick or real volume
- ATR-based minimum body size filter to reduce noise
- Signal Strength Score (0-100%) based on volume ratio, body size, and engulfing ratio
- Automatic TP/SL zones drawn on chart with two configurable TP targets
- On-chart dashboard with signal status, volume meter, statistics, and signal history
- Optional chart color scheme with configurable candle and background colors
- Optional EMA Trend Filter for reversal context
- Popup, sound, and push notification alerts
- Original chart colors are saved and restored on removal
Dashboard
The dashboard contains the following sections, updated on every tick:
Signal Status: Current signal direction with a color-coded badge and strength progress bar.
Volume Analysis: A 10-segment meter showing current volume relative to the average.
Statistics: Bullish and Bearish signal counts within a configurable lookback window.
Signal History: A table of recent signals with time, type, price, volume ratio, and strength.
Market Info: Current symbol, timeframe, and spread.
The dashboard position and visibility are fully adjustable through input parameters.
Input Parameters
Engulfing Detection:
- Min Body/Range Ratio (0.5) - Filters doji candles
- Min Body as ATR multiple (0.5) - Minimum engulfing body relative to ATR
- Strict Engulfing Mode (true) - Body must fully engulf previous body
- ATR Period (14) - Average True Range calculation period
Volume Filter:
- Volume MA Period (20) - Lookback for volume moving average
- Volume Spike Threshold (1.5) - Volume must exceed average by this factor
- Volume Type (Tick) - Tick volume or real volume
TP / SL Levels:
- Draw TP & SL (true) - Enable or disable chart zones
- TP1 Risk:Reward (1.2) - First target ratio
- TP2 Risk:Reward (1.4) - Second target ratio
- Swing Lookback (10) - Bars to search for swing high/low
Dashboard:
- Show Dashboard (true) - Toggle on-chart panel
- Dashboard Corner (Left Upper) - Chart corner for positioning
- X/Y Offset (20/50) - Pixel offset from corner
- Max History (5) - Signals shown in history table
- Stats Lookback (200) - Bars used for statistics
Chart Colors:
- Apply Chart Colors (true) - Automatic color scheme
- Background (Black), Bullish Candle (White), Bearish Candle (Blue)
- Show Grid (false) - Toggle grid lines
Recommended Settings
The default settings work across most symbols and timeframes. For XAUUSD on H1, consider a Volume Multiplier of 1.3 for more signals or 1.8 for stricter filtering. On lower timeframes such as M15, increasing ATR Period to 20 helps filter noise. On H4 or D1, a Swing Lookback of 15-20 bars may provide more reliable stop loss placement.
Enable the EMA Trend Filter for reversal-only trading. Disable it to capture continuation patterns as well.
Compatibility
Platform: MetaTrader 5
Symbols: All symbols including forex pairs, XAUUSD, indices, and commodities
Timeframes: All timeframes from M1 to MN
The indicator does not use DLL calls and complies with MQL5 Market requirements. Chart colors are saved on initialization and restored when the indicator is removed.
Support
For questions or issues, please use the Comments section on this product page or send a private message through MQL5.
