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Instrument: REA_EngulfingCandle

REA_EngulfingCandle

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Disclaimer

The graphic studies and any other indication generated by the software should not be considered as personalized investment advice or even as investment recommendations. The setups generated by the software search for market conditions developed on prices in the past and are useful for statistical purposes.

The software is not able to work autonomously and requires various inputs from the trader for pattern research, statistics processing and any other expected functionality.

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.

Downloads

Download the REA_EngulfingCandle for the cTrader platform
License:
FREE

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