Watch the testing video here:
Engulfing Candle Indicator
The Engulfing Candle Indicator is a forex technical analysis tool that comes in handy when you need engulfing bars recognized automatically. It simply relieves the hassle of looking for engulfing candlesticks and picking them manually. There are two types of engulfing patterns – the bullish and bearish engulfing. That forex indicator is capable of recognizing both of them. When one is recognized, it automatically marks a candle by an upward or downward arrow. As you can see, it is easy to use and both beginners and advanced forex traders can try that Engulfing Candle indicator.
The Engulfing Candle Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
What is Engulfing Pattern?
As the name suggests, the engulfing pattern is one candlestick that completely engulfs the entire candlestick on its left. This can indicate a change in sentiment which may, in turn, be a sign of possible reversal in the trend momentum. It is mainly used to determine the bullish and bearish patterns of the market, which can occur both in line with the overall trend and counter-trend. Let’s take a look at the picture below that shows a firm bullish engulfing pattern which results in strong upward price movement.
Share this on: