PROTECTED SOURCE SCRIPT

[DEM] Engulfing Candlestick Identifier

18
[DEM] Engulfing Candlestick Identifier is designed to automatically detect and highlight bullish and bearish engulfing candlestick patterns by analyzing the relationship between consecutive candles and applying ATR-based size filters to ensure significant pattern validity. The indicator identifies bullish engulfing patterns when the current candle closes above the previous candle's open, opens below the previous candle's close, and both candles meet minimum size requirements based on ATR thresholds, while bearish engulfing patterns are detected under opposite conditions. The indicator colors bars green for bullish engulfing patterns, red for bearish engulfing patterns, and optionally purple for all other bars when the "Different Color" setting is enabled, helping traders quickly identify potential reversal signals where one candle completely engulfs the body of the previous candle with sufficient magnitude to suggest meaningful momentum shifts.

Thông báo miễn trừ trách nhiệm

Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.