OPEN-SOURCE SCRIPT
Engulfing Candles LP v0.12
An indicator designed to detect engulfing candles, with customizable tolerance settings. This allows you to adjust for differences in decimal precision across instruments—for example, XAU typically uses 2–3 decimal places, while EURUSD uses five.
The engulfing tolerance setting ensures the indicator works accurately across various markets.
Color coding:
Purple: Engulfing candles that are not at least twice the size of the previous candle.
Red/Green: Engulfing candles that are at least 2x larger than the previous candle (Green for bullish, Red for bearish).
The engulfing tolerance setting ensures the indicator works accurately across various markets.
Color coding:
Purple: Engulfing candles that are not at least twice the size of the previous candle.
Red/Green: Engulfing candles that are at least 2x larger than the previous candle (Green for bullish, Red for bearish).
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.