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 time frame, from M1 to MN, and sends you a real-time alert when an Engulfing or Tweezer formation has been identified.
- Uses RSI as a trend filter in order to properly identify potential reversals.
- The indicator includes an interactive panel. Please see separate screenshot.
It is enough to place the indicator on one chart and you will receive an alert from any symbol and any time frame of your choice.
I recommend you to put the indicator on a EURUSD M5 chart, preferable a clean chart without any other indicators or Expert Advisors on it.
Please note that due to the multifunctionality neither buy/sell advice nor lines and arrows will be drawn on the chart.
- Amount of signals to show in the panel: Default is 15. But you can set it to more if it will fit on your chart. The signals will be shown in descending order, i.e. the latest signal first.
- Panel width: Default is 250. For instance, if you are using a non-standard font size in windows, you could set this to a larger value in order for the whole text to be visible.
- Template name: The template you put here will be applied to the chart which will be opened when you click on a signal in the panel. The name must include the file extension (.tpl).
- 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
- Amount of candles to engulf: This should normally be set to 1 in order to scan for classical engulfing formations. Setting it to a higher value will result in much fewer signals, but of higher quality. The rule is still that all candles to the left of the engulfing candle must be of another color, hence bearish candles if the engulfing candle is a bullish candle and vice versa.
- 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 10.
- 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.
- Time frames: Set to True for each time frame you would like to monitor.
- Alerts: Set to true for each alert type you would like to receive.
- added a Smiley in the upper right corner of the chart which is indicating that the indicator is up and running properly
- add an option to set amount of candles to engulf.
- added possibility to set min/max size of the engulfing candle