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.
- 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.
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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.
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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
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.