Engulfing Candlestick Pattern Indicator For MT4

The Engulfing Candlestick Pattern indicator for MT4 identifies both bullish and bearish engulfing patterns on the Metatrader 4 chart.

It’s an interesting candlestick pattern that signals price reversal turning points in the price.

  • A bullish engulfing candlestick pattern forms when a small bearish candlestick is followed by a large bullish candlestick.
  • This can signal a bullish trend reversal.
  • A bearish engulfing candlestick pattern forms when a small bullish candlestick is followed by a large bearish candlestick.
  • This can signal a bearish trend reversal.

Just load the Engulfing Candlestick Pattern indicator onto the Metatrader 4 chart and start trading with it in minutes.

Key Takeaways

  • Identifies both bullish and bearish engulfing candlestick patterns.
  • Paints bullish and bearish engulfing candlestick patterns signal arrows on the chart.
  • Alert system included.
  • 100% price action without any lag.
  • Utilize for scalping, day trading and swing trading.

Feel free to explore the Engulfing Candlestick Pattern Forex indicator’s different parameters and settings to create your own personalized indicator setup.

Download This MT4 Forex Indicator Free

Download the “engulfing-indicator.ex4” Metatrader 4 indicator

Indicator Example Chart (AUD/CAD H1 Chart Example)

Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.

Finding Buy and Sell Triggers With The Engulfing Candlestick Pattern Forex MT4 Indicator

Buy Signal: Enter a long trade when the Engulfing candlestick pattern indicator prints a blue arrow on the chart.

Place your stop loss 5 pips below short-term support or consolidation area, or use your own favorite stop loss method.

Close the buy trade when a bearish engulfing red arrow gets printed on the trading chart.

Alternatively, exit the buy trade for a reward/risk ratio of 2.5 or better.

Sell Signal: Enter a short trade when the Engulfing candlestick pattern indicator prints a red arrow on the chart.

Place your stop loss 5 pips above short-term resistance or consolidation area, or use your own favorite stop loss method.

Close the sell trade when a bullish engulfing blue arrow gets printed on the trading chart.

Alternatively, exit the sell trade for a reward/risk ratio of 2.5 or better.

Download This Forex Indicator Now

Download the “engulfing-indicator.ex4” MT4 indicator

Input Parameters

Alerts, draw candle, colors, width, style.

More Info About This Indicator

Tradable Currency pairs: Any

Trading Platform: MT4

Time frames: M1, M5, M15, M30, H1, H4, D1, W1

Indicator Type: chart pattern

Installation

Copy and paste the indicator in the MT4 indicators data folder.

Then restart the MT4 terminal and attach it to any chart.

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