cryptovesta

Engulfing Look-back Alert

This script is an extension of the classical engulf pattern with added rules and user defined features.

Engulfing Candle Definition:
- Bullish Engulfing: Trade BELOW the prior candle's LOW and CLOSE ABOVE the prior candle's HIGH. Previous candle can be an up ( bullish ) or a down ( bearish ) candle
- Bearish Engulfing: Trade ABOVE the prior candle’s HIGH and CLOSE BELOW the prior candle’s LOW. Previous candle can be an up ( bullish ) or a down ( bearish ) candle

Features:
- Set the look-back period for engulfing candle high and low -> default = 1; e.g. Did the bullish eng candle trade below the lows of the last 3 candles and trade above the highs of the last 4 candles? Set the input values accordingly
- Choose time frame(s) engulfing candle is to be displayed on -> default = M/W /D/4H/1H/15M
- Ability to enable Alerts (includes time frame alert was triggered on): IMPORTANT - when setting alerts ensure to choose "ONCE PER BAR"; otherwise alerts will NOT trigger as intended
http://prntscr.com/r1yzbm
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Comentários

What can you use the look-back period settings for? Finding Engulfing reversal or continuation candles (or both - default setting) and reducing the number of false positives (small size candles)
Continuation Engulf example: http://prntscr.com/r22uku
Reversal Engulf example: http://prntscr.com/r22wuz
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