The Engulfing Bars indicator shows Engulfing Bars, the signal and the suggested stoploss and take profit. Engulfing Bars are an important price action pattern. The price action of an Engulfing Bar completely covers the price action of the previous bar.
Engulfing Bars are most often used on higher timeframes.
Engulfing Bars default settings are good enough most of the time. Feel free to fine tune them to your needs.
- Show Engulfing Bars - Set to true to show Engulfing Bars.
- Body size percentage - Minimum size of the body of the Engulfing Bar in a percentage of the moving average of body sizes, a higher value detects less but (argueably) better Engulfing Bars.
- Stoploss distance in pips - Standard stoploss is at the high or low of the Engulfing Bar, this number of pips is added to that.
- Color Palette - pick Color Palette for 'Dark' or 'Light' Backgrounds.
- Colo(u)rs - you know what to do.
- Show Alerts - set to true to do alerts.
- Show Screen Alerts - set to true to show screen alerts.
- Email Alerts - set to true to email alerts.
- Push Alert Notifications - set to true to push alerts.
Engulfing Bars is not resource hungry.