OPEN-SOURCE SCRIPT
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Engulfing Day Trading Strategy | Version 1.0
This indicator highlights Bullish and Bearish Engulfing candlestick patterns, designed for day trading strategies. It identifies key market reversals and potential breakout points using simple price action principles.
🔑 Features:
Detects Bullish and Bearish Engulfing patterns based on customizable trend filters.
Automatically draws percentage levels (20%, 50%, and 75%) for target zones.
Bullish Engulfing → Levels drawn top to bottom.
Bearish Engulfing → Levels drawn bottom to top.
Highlights the engulfing candle and previous bar with colored boxes.
Supports trend detection using SMA50 or SMA50 & SMA200.
Alert conditions for both bullish and bearish setups.
Ideal for scalping, day trading, and identifying potential reversals.
📊 How to Use:
Apply the indicator on your preferred time frame (5M, 15M, 1H, etc.).
Wait for the engulfing pattern to form and monitor the drawn levels for potential entry/exit points.
Use in combination with volume or momentum indicators for enhanced confirmation.
⚠️ Disclaimer:
This is a tool for educational purposes and should not be considered financial advice. Always manage your risk and backtest before live trading.
This indicator highlights Bullish and Bearish Engulfing candlestick patterns, designed for day trading strategies. It identifies key market reversals and potential breakout points using simple price action principles.
🔑 Features:
Detects Bullish and Bearish Engulfing patterns based on customizable trend filters.
Automatically draws percentage levels (20%, 50%, and 75%) for target zones.
Bullish Engulfing → Levels drawn top to bottom.
Bearish Engulfing → Levels drawn bottom to top.
Highlights the engulfing candle and previous bar with colored boxes.
Supports trend detection using SMA50 or SMA50 & SMA200.
Alert conditions for both bullish and bearish setups.
Ideal for scalping, day trading, and identifying potential reversals.
📊 How to Use:
Apply the indicator on your preferred time frame (5M, 15M, 1H, etc.).
Wait for the engulfing pattern to form and monitor the drawn levels for potential entry/exit points.
Use in combination with volume or momentum indicators for enhanced confirmation.
⚠️ Disclaimer:
This is a tool for educational purposes and should not be considered financial advice. Always manage your risk and backtest before live trading.
Nota Keluaran
change name onlySkrip sumber terbuka
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.
For quick access on a chart, add this script to your favorites — learn more here.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Skrip sumber terbuka
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.
For quick access on a chart, add this script to your favorites — learn more here.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.