OPEN-SOURCE SCRIPT
Updated Engulfing Look-back Alert
This script is an extension of the classical engulf pattern with added rules and user defined features.
Engulfing Candle Definition:
- Bullish Engulfing: Trade BELOW the prior candle's LOW and CLOSE ABOVE the prior candle's HIGH. Previous candle can be an up (bullish) or a down (bearish) candle
- Bearish Engulfing: Trade ABOVE the prior candle’s HIGH and CLOSE BELOW the prior candle’s LOW. Previous candle can be an up (bullish) or a down (bearish) candle
Features:
- Set the look-back period for engulfing candle high and low -> default = 1; e.g. Did the bullish eng candle trade below the lows of the last 3 candles and trade above the highs of the last 4 candles? Set the input values accordingly
- Choose time frame(s) engulfing candle is to be displayed on -> default = M/W/D/4H/1H/15M
- Ability to enable Alerts (includes time frame alert was triggered on): IMPORTANT - when setting alerts ensure to choose "ONCE PER BAR"; otherwise alerts will NOT trigger as intended
prntscr.com/r1yzbm
Engulfing Candle Definition:
- Bullish Engulfing: Trade BELOW the prior candle's LOW and CLOSE ABOVE the prior candle's HIGH. Previous candle can be an up (bullish) or a down (bearish) candle
- Bearish Engulfing: Trade ABOVE the prior candle’s HIGH and CLOSE BELOW the prior candle’s LOW. Previous candle can be an up (bullish) or a down (bearish) candle
Features:
- Set the look-back period for engulfing candle high and low -> default = 1; e.g. Did the bullish eng candle trade below the lows of the last 3 candles and trade above the highs of the last 4 candles? Set the input values accordingly
- Choose time frame(s) engulfing candle is to be displayed on -> default = M/W/D/4H/1H/15M
- Ability to enable Alerts (includes time frame alert was triggered on): IMPORTANT - when setting alerts ensure to choose "ONCE PER BAR"; otherwise alerts will NOT trigger as intended
prntscr.com/r1yzbm
Release Notes
New features added:- Multi-hour and multi-minute support
- Compare candle shadows -> Bullish Engulf: upper shadow can be bigger or smaller than lower by x%. Vice versa for Bearish Engulf
- Compare candle size relative to the previous x candles based on candle body and/or shadows
- Compare candle look back period based on candle close or candle shadow
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.