INVITE-ONLY SCRIPT
Engulfing Bar
Updated
This indicator provides a statistical report on the Engulfing candlestick pattern. Based on the chart's bars, it can improve your edge on any markets and timeframes.
Knowing there are many definitions about the Engulfing pattern, here we're strictly referring to one bar's body that get engulfed by one other.
The report is broken down into the different following sections: retracement, invalidation, continuation and breakout.
Each of them provides hindsights about the pattern price behavior and brings answers to questions such as: How often does price retrace? Does the pattern often invalidate? If it doesn't then does it break in the pattern's direction? How far does price go? What are the odds of a false breakout?
While there are many ways to make use of the metrics, my favorite use case is for developing directional and daily/weekly biases while refining my stop/entry/target positioning.
Miscellaneous
Settings
Gaining Access
This is a private indicator and is available only for my Patrons. You can reach my Patreon page below from the link in my signature.
Knowing there are many definitions about the Engulfing pattern, here we're strictly referring to one bar's body that get engulfed by one other.
The report is broken down into the different following sections: retracement, invalidation, continuation and breakout.
Each of them provides hindsights about the pattern price behavior and brings answers to questions such as: How often does price retrace? Does the pattern often invalidate? If it doesn't then does it break in the pattern's direction? How far does price go? What are the odds of a false breakout?
While there are many ways to make use of the metrics, my favorite use case is for developing directional and daily/weekly biases while refining my stop/entry/target positioning.
Miscellaneous
- Highlights patterns on the chart;
- Supports bar to bar analysis and replay functionalities;
- Provides counts on the `Data Window` panel for debugging or computing your own metrics;
Settings
- Option for filtering patterns that close outside previous bar;
- Show/hide for toggling different sections;
- Report coloring and offset on the x axis;
Gaining Access
This is a private indicator and is available only for my Patrons. You can reach my Patreon page below from the link in my signature.
Release Notes
MAJOR RELEASEThe update brings a new look to the indicator and many improvements under the hood brought by the latest features from Pinescript.
That is not all, it comes along new features:
- Filtering of reversal only patterns (two different modes);
- Reporting of the pattern’s frequency over 100 bars;
- Expressing the distance optionally in Average True Range;
- Extending the distance data with price traveling less than half of its length / ATR;
- Reporting the chances of price breaking only one side of the pattern the next bar;
- Displaying the historical share of bullish and bearish patterns;
- Showing the statistics of next bar closing up or down;
Invite-only script
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact sbtnc for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases, you can find a good open-source alternative for free in our Community Scripts.
Author's instructions
″You can buy it here: https://sbtnc.gumroad.com/l/candlestick.
After purchase, let me know your username, desired indicator and license key for granting access.
Want to use this script on a chart?
Warning: please read before requesting access.
👨💻 Pine Script developer for hire
⭐️ Listed as "Trusted Pine Programmer"
🔒 Premium indicators: sbtnc.gumroad.com
⭐️ Listed as "Trusted Pine Programmer"
🔒 Premium indicators: sbtnc.gumroad.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.