OPEN-SOURCE SCRIPT
EBP mtf+fib (Nephew_Sam_)
EBP (Engulfing Bar Pattern) Multi-Timeframe Indicator
This indicator identifies special engulfing bar patterns that take liquidity from previous candles, making it ideal for trading reversals and continuations. Unlike traditional engulfing patterns, this enhanced version requires the current candle to break the previous candle's extreme (high/low) before closing beyond its open.
Key Features:
• Multi-timeframe analysis (up to 6 timeframes)
• Customizable Fibonacci retracement levels
• Visual table showing active engulfing patterns
• Color-coded bars for easy pattern identification
• Optional timeframe labels on Fibonacci levels
Trading Strategy:
1. Identify EBP patterns on higher timeframes (HTF)
2. Use Fibonacci levels from the EBP candle for potential entries on lower timeframes
3. For bullish setups: Price breaks previous low then closes above previous open
4. For bearish setups: Price breaks previous high then closes below previous open
Perfect for traders looking to catch strong reversal moves or continuation patterns with clear entry points based on liquidity sweeps.
This indicator identifies special engulfing bar patterns that take liquidity from previous candles, making it ideal for trading reversals and continuations. Unlike traditional engulfing patterns, this enhanced version requires the current candle to break the previous candle's extreme (high/low) before closing beyond its open.
Key Features:
• Multi-timeframe analysis (up to 6 timeframes)
• Customizable Fibonacci retracement levels
• Visual table showing active engulfing patterns
• Color-coded bars for easy pattern identification
• Optional timeframe labels on Fibonacci levels
Trading Strategy:
1. Identify EBP patterns on higher timeframes (HTF)
2. Use Fibonacci levels from the EBP candle for potential entries on lower timeframes
3. For bullish setups: Price breaks previous low then closes above previous open
4. For bearish setups: Price breaks previous high then closes below previous open
Perfect for traders looking to catch strong reversal moves or continuation patterns with clear entry points based on liquidity sweeps.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.