Description
The Engulfing indicator will be useful for traders, whose trading is based on the use of candlestick analysis.
It detects “Engulfing” candle patterns on a chart and, depending on the nature of the figures (bullish or bearish), gives a signal at the market entry by changing the color of all subsequent candles and for the entire duration of the movement that is happening.
Functionality
- Color all the candles from one condition to the opposite
Parameters
- How Many break out bars? : Number of candle breaks needed to confirm our zone and change color.
- Breakout Up Color: Choose the color you prefer for the candles after the bullish breakout.
- Breakout Down Color: Choose the color you prefer for the candles after the bearish breakout.
- Range Color: Choose the color you prefer for the candles in a Range phase.