OPEN-SOURCE SCRIPT
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Title: Engulfing Day Trading Strategy – Version 1.0
Description:
The Engulfing Day Trading Strategy is a simple yet effective tool for identifying bullish and bearish engulfing candlestick patterns. This indicator helps traders spot potential trend reversals by marking engulfing patterns on the chart and plotting key percentage retracement levels.
🔹 Features:
✅ Detects Bullish & Bearish Engulfing Patterns
✅ Trend-Based Filtering using SMA (50 & 200)
✅ Automatic Box Drawing around engulfing candles
✅ Key Percentage Levels (20%, 50%, 75%) for trade planning
✅ Customizable Alerts for real-time trade signals
📌 How It Works:
Bullish Engulfing: The current green candle completely engulfs the previous red candle.
Bearish Engulfing: The current red candle completely engulfs the previous green candle.
The indicator plots retracement levels from the high to low of the engulfing structure.
Boxes highlight the engulfing zone for easy visualization.
🎯 Trading Strategy:
For bullish setups: Look for price action above the 50% retracement level for potential buys.
For bearish setups: Watch for price breaking below the 50% retracement level for potential sells.
This is a great tool for intraday traders looking for price action setups with high-probability trade opportunities. 🚀
Description:
The Engulfing Day Trading Strategy is a simple yet effective tool for identifying bullish and bearish engulfing candlestick patterns. This indicator helps traders spot potential trend reversals by marking engulfing patterns on the chart and plotting key percentage retracement levels.
🔹 Features:
✅ Detects Bullish & Bearish Engulfing Patterns
✅ Trend-Based Filtering using SMA (50 & 200)
✅ Automatic Box Drawing around engulfing candles
✅ Key Percentage Levels (20%, 50%, 75%) for trade planning
✅ Customizable Alerts for real-time trade signals
📌 How It Works:
Bullish Engulfing: The current green candle completely engulfs the previous red candle.
Bearish Engulfing: The current red candle completely engulfs the previous green candle.
The indicator plots retracement levels from the high to low of the engulfing structure.
Boxes highlight the engulfing zone for easy visualization.
🎯 Trading Strategy:
For bullish setups: Look for price action above the 50% retracement level for potential buys.
For bearish setups: Watch for price breaking below the 50% retracement level for potential sells.
This is a great tool for intraday traders looking for price action setups with high-probability trade opportunities. 🚀
Nota Keluaran
just some new updatesSkrip 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.