Engulfing Pattern Indicator for Meta Trader 5 Download - Free - [Trading Finder]

The Engulfing Pattern Indicator is a tool based on candlestick patterns available on the MetaTrader 5 (MT5) trading platform. The Engulfing Indicator helps identify bullish (Bullish Engulfing) and bearish (Bearish Engulfing) engulfing patterns on the chart. Bullish engulfing patterns are displayed in blue, while bearish engulfing patterns are shown in red on the chart.

Engulfing Pattern Indicator Table

How the Engulfing Pattern Indicator Works

The Engulfing Indicator is designed for traders who want to identify candlestick patterns. It displays bullish and bearish engulfing patterns on the chart. To confirm the validity of these patterns, the indicator uses two moving averages with periods of 20 (slow) and 5 (fast) to provide traders with strong patterns.

Bullish Pattern of the Engulfing Indicator

In the 1-hour USD/CHF currency pair chart, the Engulfing Indicator identifies a bullish engulfing pattern highlighted in blue. After the formation of this pattern, the price enters an uptrend.

Bearish Pattern of the Engulfing Indicator

In the 15-minute chart of XAUUSD, the Engulfing Indicator identifies a bearish engulfing pattern highlighted in red. After forming this pattern, the price moves into a downtrend.

Engulfing Indicator Settings

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

Summary

The Engulfing Pattern Indicator helps identify engulfing candlestick patterns on the chart. To accurately identify patterns, the Engulfing Indicator uses filters like a slow-moving average with a period of 20 and a fast-moving average with a period of 5. This allows traders to easily identify and utilize engulfing patterns.