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Sunday, 22 May 2022
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Engulfing
Engulfing

Engulfing

Watch the testing video here:

 

Engulfing – trade on candlestick patterns

 

The Engulfing is a useful forex indicator based on candlestick patterns analysis. To be precise, this indicator detects on the charts a specific candlestick pattern called “Engulfing Candle Pattern”. It may be bullish engulfing or bearish engulfing, whenever such a signal is detected the indicator draws red or blue arrow pointing up or down.

The Engulfing indicator generates accurate signals on all timeframes, but we recommend to use it on the higher time frames. You can start with the H4, since the higher the timeframe used, the more accurate the signals of candle patterns and less noise.

This indicator comes with sound and text alerts. But the alert is not final and sound alert is triggered many times after the appearance of the signal. Therefore by default, sound alarm is set to false.

How to install the Engulfing indicator on your Metatrader 4 trading platform?

  • Download the indicator by clicking “LINK” button at the bottom of this post.
  • Copy and paste the Engulfing Indicator files into following folder of your Metatrader 4 (MT4) platform: MQL4 > Indicators.
  • You can gain access to the folders this way: File > Open Data Folder > MQL4 > Indicators (paste files here).
  • Restart your Metatrader 4 Client.
  • Select Chart and Timeframe where you want to test the indicator
  • Browse “Custom Indicators” in your Navigator that is located on the left in your Metatrader 4 platform.
  • Right click on Engulfing.mq4 and than click “Attach to the chart”.
  • You can modify settings if you need and than click ok.
  • The indicator is ready and running on the chart.

In the archives you will find following Metatrader 4 files included:

  • Engulfing.ex4
  • Engulfing.mq4
  • Engulfing_template.tpl

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