Engulfing Indicator – trade on candle patterns
Engulfing Indicator will be useful for traders, whose trade is based on the use of candle analysis. Engulfing detects on a chart candle patterns “Engulfing” and, depending on the nature of the figures (bullish or bearish engulfing), gives a signal to the input of the market in the form of arrow corresponding color and the direction.
Characteristics of Engulfing indicator
Platform: Metatrader4
Currency pairs: Any currency pairs (recommended Major)
Trading Time: Around the clock
Timeframe: H1 – W1
Recommended broker: Roboforex, XM, InstaForex
Engulfing indicator gives accurate signals on all timeframes, but it is better to use it on the higher time frames, starting with the H4, since the higher the timeframe used, the more accurate the signals of candle patterns.
Example of signals on H4:
engulfing-indicator
Engulfing indicator is equipped with sound and text alerts. But the alert is not finalized and sound alert is triggered many times after the appearance of the signal. Therefore by default it is false.
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