OPEN-SOURCE SCRIPT
Engulfing Candles with Sweep by Aydmaxx
Updated
Engulfing Candles with Sweep Indicator
The "Engulfing Candles with Sweep" indicator identifies bullish and bearish engulfing candles that exhibit liquidity sweeps. It marks these significant candlestick patterns and draws a 50% Fibonacci retracement line from the high to low of the engulfing candle. The indicator helps traders spot potential reversal points where large market players might be accumulating or distributing positions.
Key Features:
Bullish Engulfing Candle with Sweep:
Identifies when a bullish candle (closing higher than it opened) engulfs the previous bearish candle (closing lower than it opened).
Ensures that the bullish candle’s low is lower than the previous candle’s low, indicating a sweep of liquidity.
Marks the identified bullish candle with a symbol below the candlestick.
Draws a 50% Fibonacci retracement line from the high to the low of the bullish engulfing candle.
Bearish Engulfing Candle with Sweep:
Identifies when a bearish candle (closing lower than it opened) engulfs the previous bullish candle (closing higher than it opened).
Ensures that the bearish candle’s high is higher than the previous candle’s high, indicating a sweep of liquidity.
Marks the identified bearish candle with a symbol above the candlestick.
Draws a 50% Fibonacci retracement line from the high to the low of the bearish engulfing candle.
Customizable Settings:
Fibonacci Line Color: Allows customization of the Fibonacci retracement line color for both bullish and bearish engulfing candles.
Fibonacci Line Style: Provides options to choose the line style (solid, dotted, dashed).
Fibonacci Line Width: Enables adjustment of the line width for better visibility.
Toggle Fibonacci Lines: Option to enable or disable the display of Fibonacci retracement lines.
How to Use:
Apply the indicator to your chart.
Look for symbols below or above the candlesticks, indicating bullish or bearish engulfing candles with liquidity sweeps.
Utilize the 50% Fibonacci retracement lines to identify potential support or resistance levels.
Benefits:
Helps in identifying key reversal patterns in the market.
Provides visual aids with Fibonacci retracement levels for potential entry and exit points.
Enhances trading decisions by confirming engulfing patterns with liquidity sweeps.
The "Engulfing Candles with Sweep" indicator identifies bullish and bearish engulfing candles that exhibit liquidity sweeps. It marks these significant candlestick patterns and draws a 50% Fibonacci retracement line from the high to low of the engulfing candle. The indicator helps traders spot potential reversal points where large market players might be accumulating or distributing positions.
Key Features:
Bullish Engulfing Candle with Sweep:
Identifies when a bullish candle (closing higher than it opened) engulfs the previous bearish candle (closing lower than it opened).
Ensures that the bullish candle’s low is lower than the previous candle’s low, indicating a sweep of liquidity.
Marks the identified bullish candle with a symbol below the candlestick.
Draws a 50% Fibonacci retracement line from the high to the low of the bullish engulfing candle.
Bearish Engulfing Candle with Sweep:
Identifies when a bearish candle (closing lower than it opened) engulfs the previous bullish candle (closing higher than it opened).
Ensures that the bearish candle’s high is higher than the previous candle’s high, indicating a sweep of liquidity.
Marks the identified bearish candle with a symbol above the candlestick.
Draws a 50% Fibonacci retracement line from the high to the low of the bearish engulfing candle.
Customizable Settings:
Fibonacci Line Color: Allows customization of the Fibonacci retracement line color for both bullish and bearish engulfing candles.
Fibonacci Line Style: Provides options to choose the line style (solid, dotted, dashed).
Fibonacci Line Width: Enables adjustment of the line width for better visibility.
Toggle Fibonacci Lines: Option to enable or disable the display of Fibonacci retracement lines.
How to Use:
Apply the indicator to your chart.
Look for symbols below or above the candlesticks, indicating bullish or bearish engulfing candles with liquidity sweeps.
Utilize the 50% Fibonacci retracement lines to identify potential support or resistance levels.
Benefits:
Helps in identifying key reversal patterns in the market.
Provides visual aids with Fibonacci retracement levels for potential entry and exit points.
Enhances trading decisions by confirming engulfing patterns with liquidity sweeps.
Release Notes
Engulfing Candles with Sweep by AydmaxxThis indicator identifies bullish and bearish engulfing patterns with a sweep and now includes enhanced features to make it even more powerful and customizable for traders.
New Features in this Update:
Candle Color Change:
The indicator now changes the color of the candles when an engulfing pattern is detected.
You can enable or disable this feature and customize the colors for bullish and bearish engulfing candles.
Customizable Fibonacci Levels:
You can now customize the color, style, and width of the Fibonacci levels for both bullish and bearish engulfing candles.
Enhanced Visibility Options:
Toggle the visibility of Fibonacci levels directly from the settings.
These new features provide more visual clarity and customization, allowing you to tailor the indicator to your trading style.
Features:
Identifies bullish and bearish engulfing patterns.
Highlights engulfing candles by changing their color.
Draws 50% Fibonacci retracement levels for each engulfing candle.
Fully customizable colors and styles for Fibonacci levels.
Option to enable or disable candle color change.
This update makes the Engulfing Candles with Sweep indicator an even more powerful tool for identifying key market reversal points and enhancing your trading strategy.
Release Notes
Engulfing Candles with Sweep by AydmaxxThis indicator identifies bullish and bearish engulfing patterns with a sweep and now includes enhanced features to make it even more powerful and customizable for traders.
New Features in this Update:
Candle Color Change:
The indicator now changes the color of the candles when an engulfing pattern is detected.
You can enable or disable this feature and customize the colors for bullish and bearish engulfing candles.
Customizable Fibonacci Levels:
You can now customize the color, style, and width of the Fibonacci levels for both bullish and bearish engulfing candles.
Toggle Points Display:
Added an option to enable or disable the display of points above and below the candles to highlight the engulfing patterns.
These new features provide more visual clarity and customization, allowing you to tailor the indicator to your trading style.
Features:
Identifies bullish and bearish engulfing patterns.
Highlights engulfing candles by changing their color.
Draws 50% Fibonacci retracement levels for each engulfing candle.
Fully customizable colors and styles for Fibonacci levels.
Option to enable or disable candle color change.
Option to enable or disable the display of points above and below candles.
This update makes the Engulfing Candles with Sweep indicator an even more powerful tool for identifying key market reversal points and enhancing your trading strategy.
Release Notes
Updates:Added the ability to set separate alerts for bullish and bearish engulfing patterns.
Users can now choose to set alerts individually for each pattern using the alertcondition function. This provides more flexibility in setting notifications for the signals you're expecting independently.
Example of alert configuration:
Bullish Engulfing: Sends an alert when a bullish engulfing pattern is detected.
Bearish Engulfing: Sends an alert when a bearish engulfing pattern is detected.
Now, you can receive alerts only for the specific pattern you are watching for.
Release Notes
Updates:Added the ability to set separate alerts for bullish and bearish engulfing patterns.
Users can now choose to set alerts individually for each pattern using the alertcondition function. This provides more flexibility in setting notifications for the signals you're expecting independently.
Example of alert configuration:
Bullish Engulfing: Sends an alert when a bullish engulfing pattern is detected.
Bearish Engulfing: Sends an alert when a bearish engulfing pattern is detected.
Now, you can receive alerts only for the specific pattern you are watching for.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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