OPEN-SOURCE SCRIPT
Engulfing Candles Detector Multi-Timeframe
Key Features
Multi-Timeframe Analysis
Simultaneously monitors engulfing patterns on current and higher timeframes
Helps identify confluence between different timeframes
Higher timeframe signals often carry more significance
No Repainting
Uses lookahead=barmerge.lookahead_on to ensure signals don't change after formation
Only uses completed bar data for pattern detection
User Customization
Adjustable higher timeframe via input settings
Clear visual distinction between current and higher timeframe signals
Comprehensive Display
Multiple visual cues (shapes, colors, table)
Real-time status monitoring
Non-intrusive overlay on price chart
Trading Applications
Bullish Engulfing: Potential buying opportunity or trend reversal signal
Bearish Engulfing: Potential selling opportunity or trend reversal signal
Multi-Timeframe Confirmation: Higher reliability when both timeframes show same pattern
Early Warning: Higher timeframe signals can anticipate moves on lower timeframes
This indicator serves as a comprehensive tool for traders who use engulfing patterns as part of their technical analysis strategy, with the added advantage of multi-timeframe confirmation for increased signal reliability.
Multi-Timeframe Analysis
Simultaneously monitors engulfing patterns on current and higher timeframes
Helps identify confluence between different timeframes
Higher timeframe signals often carry more significance
No Repainting
Uses lookahead=barmerge.lookahead_on to ensure signals don't change after formation
Only uses completed bar data for pattern detection
User Customization
Adjustable higher timeframe via input settings
Clear visual distinction between current and higher timeframe signals
Comprehensive Display
Multiple visual cues (shapes, colors, table)
Real-time status monitoring
Non-intrusive overlay on price chart
Trading Applications
Bullish Engulfing: Potential buying opportunity or trend reversal signal
Bearish Engulfing: Potential selling opportunity or trend reversal signal
Multi-Timeframe Confirmation: Higher reliability when both timeframes show same pattern
Early Warning: Higher timeframe signals can anticipate moves on lower timeframes
This indicator serves as a comprehensive tool for traders who use engulfing patterns as part of their technical analysis strategy, with the added advantage of multi-timeframe confirmation for increased signal reliability.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.