This is an "Engulfing" indicator. The "Engulfing" candle pattern is a reversal pattern that can appear at the end of an uptrend or downtrend.
The indicator includes the following inputs or settings:
1. `tolerance`: This defines the percentage difference in size that there must be between the body of the current candle and that of the previous candle to consider...
A simple indicator that marks FULL CANDLE engulfing candles...
current high > previous high
current low < previous low
bullish: close > open (triangle below)
bearish: close < open (triangle above)
A lot of the engulfing indicators available are body only. I created a FULL CANDLE indicator because that's what I prefer using.
Can be useful for...