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Engulfing Pattern Scanner with RSI Filter
Engulfing Pattern Scanner with RSI Filter
This indicator identifies high-probability engulfing patterns using multiple confirmation filters including candle stability, RSI divergence, and price momentum over a specified period.
═══ INDICATOR LOGIC ═══
BUY Signal Generated When:
• Bullish engulfing pattern forms
• Candle stability exceeds threshold (body/wick ratio)
• RSI is below oversold threshold
• Price has decreased over the delta period
• Bar is confirmed (no repainting)
SELL Signal Generated When:
• Bearish engulfing pattern forms
• Candle stability exceeds threshold
• RSI is above overbought threshold
• Price has increased over the delta period
• Bar is confirmed (no repainting)
═══ KEY FEATURES ═══
• Candle Stability Index (0-1): Filters out unstable/noisy candles
• RSI Index (0-100): Confirms momentum conditions
• Candle Delta Length: Defines lookback period for price movement
• Disable Repeating Signals: Removes consecutive same-direction signals
• Multiple visual styles: Text bubbles, triangles, or arrows
• Customizable colors and label sizes
• Built-in alert conditions
═══ INPUT PARAMETERS ═══
Candle Stability Index (0.5 default): Higher values require more decisive candles
RSI Index (50 default): Threshold for overbought/oversold conditions
Candle Delta Length (5 default): Bars to measure price change
Label customization: Size, style, and colors
═══ HOW TO USE ═══
1. Add indicator to chart
2. Adjust technical parameters based on market volatility
3. Set visual preferences for signal display
4. Create alerts using the built-in conditions
5. Higher Candle Stability = fewer but higher quality signals
6. Lower RSI Index = more conservative entry points
═══ BEST PRACTICES ═══
• Use on higher timeframes (4H+) for swing trading
• Combine with support/resistance for confluence
• Test parameters on historical data before live trading
• Consider market conditions when adjusting filters
═══ VERSION INFO ═══
Pine Script: v5
Repainting: No (uses barstate.isconfirmed)
Max Labels: 500
```
This indicator identifies high-probability engulfing patterns using multiple confirmation filters including candle stability, RSI divergence, and price momentum over a specified period.
═══ INDICATOR LOGIC ═══
BUY Signal Generated When:
• Bullish engulfing pattern forms
• Candle stability exceeds threshold (body/wick ratio)
• RSI is below oversold threshold
• Price has decreased over the delta period
• Bar is confirmed (no repainting)
SELL Signal Generated When:
• Bearish engulfing pattern forms
• Candle stability exceeds threshold
• RSI is above overbought threshold
• Price has increased over the delta period
• Bar is confirmed (no repainting)
═══ KEY FEATURES ═══
• Candle Stability Index (0-1): Filters out unstable/noisy candles
• RSI Index (0-100): Confirms momentum conditions
• Candle Delta Length: Defines lookback period for price movement
• Disable Repeating Signals: Removes consecutive same-direction signals
• Multiple visual styles: Text bubbles, triangles, or arrows
• Customizable colors and label sizes
• Built-in alert conditions
═══ INPUT PARAMETERS ═══
Candle Stability Index (0.5 default): Higher values require more decisive candles
RSI Index (50 default): Threshold for overbought/oversold conditions
Candle Delta Length (5 default): Bars to measure price change
Label customization: Size, style, and colors
═══ HOW TO USE ═══
1. Add indicator to chart
2. Adjust technical parameters based on market volatility
3. Set visual preferences for signal display
4. Create alerts using the built-in conditions
5. Higher Candle Stability = fewer but higher quality signals
6. Lower RSI Index = more conservative entry points
═══ BEST PRACTICES ═══
• Use on higher timeframes (4H+) for swing trading
• Combine with support/resistance for confluence
• Test parameters on historical data before live trading
• Consider market conditions when adjusting filters
═══ VERSION INFO ═══
Pine Script: v5
Repainting: No (uses barstate.isconfirmed)
Max Labels: 500
```
Skrip sumber terbuka
Dalam semangat sebenar TradingView, pencipta skrip ini telah menjadikannya sumber terbuka supaya pedagang dapat menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupun anda boleh menggunakannya secara percuma, ingat bahawa menerbitkan semula kod ini adalah tertakluk kepada Peraturan Dalaman kami.
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
Dalam semangat sebenar TradingView, pencipta skrip ini telah menjadikannya sumber terbuka supaya pedagang dapat menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupun anda boleh menggunakannya secara percuma, ingat bahawa menerbitkan semula kod ini adalah tertakluk kepada Peraturan Dalaman kami.
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.