This Indicator searching for pullback on input Moving Average with Engulfing candle
Rules for indicator :-
Buy Signal - 1) search for pullback on ma if price above ma and come back and touches ma 2)after pullback on ma searching for bullish engulfing pattern on next candle 3)if pullback on previous candle and bullish engulfing for buy signal form
Sell Signal - 1) search for pullback on ma if price below ma and come back touches ma 2)after pullback on ma searching for bearish engulfing pattern on next candle 3)if pullback on previous candle and bearish engulfing for buy signal form
Disclaimer -Traders can use this script as a starting point for further customization or as a reference for developing their own trading strategies. It's important to note that past performance is not indicative of future results, and thorough testing and validation are recommended before deploying any trading strategy.
Even the engulfing patterns are incorrect in the examples.
samscripter
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@TomXian, i have taken reference code engulfing from thomas bulkowski book... Look for a two candle pattern in an upward price trend. The first candle is white and the second is black. The body of the black candle is taller and overlaps the candle of the white body. Shadows are unimportant.