Engulfing Pattern Indicator for Meta Trader 4 Download - Free - [Trading Finder]

The Engulfing Pattern Indicator quickly identifies and displays bullish engulfing patterns in turquoise blue and bearish red in the Meta Trader 4 (MT4) chart. The Engulfing Indicator uses two moving averages with periods of (5,20) in its calculations.

Engulfing Pattern Indicator Table

How the Engulfing Pattern Indicator Works

The Engulfing Indicator works based on candlestick patterns and displays bullish engulfing patterns in blue and bearish engulfing patterns in red on the chart. This indicator helps traders easily identify engulfing patterns by precisely displaying these patterns.

Bullish Pattern of the Engulfing Indicator

The Engulfing Pattern Indicator shows a bullish pattern when it forms below two moving averages with periods of (5,20). It identifies a bullish pattern when the candle's opening price is lower than the previous bearish candle's closing price, and its closing price is higher than the last bearish candle's.

Bearish Pattern of the Engulfing Indicator

When the pattern forms above the moving averages, with the opening price of the candle being higher than the opening price of the previous bullish candle and the closing price of the candle being lower than the closing price of the last bullish candle, it is considered a bearish engulfing pattern and is displayed on the chart.

Engulfing Indicator Settings

• Fast MA Period: Set the fast-moving average period
• Slow MA Period: Set the slow-moving average period
• Bearish Engulfing Color: Set the color for bearish engulfing
• Engulfing Piercing Color: Set the color for bullish engulfing

Summary

The Engulfing Pattern Indicator is highly suitable for beginner traders and those looking to identify engulfing patterns. It easily displays both bullish and bearish engulfing patterns on the chart, helping traders accurately identify these patterns.