OPEN-SOURCE SCRIPT
Engulfing Candle Marker (Full Candle)
A simple indicator that marks FULL CANDLE engulfing candles...
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 spotting both reversal and continuation price action. Always have a complete trading plan and backtest it for yourself, engulfing candles in themselves to not guarantee a profit.
You are more powerful than you know...keep expanding!
- 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 spotting both reversal and continuation price action. Always have a complete trading plan and backtest it for yourself, engulfing candles in themselves to not guarantee a profit.
You are more powerful than you know...keep expanding!
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.
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