Daveatt

BEST Ultimate Engulfing Screener

Hello traders

Continuing deeper and stronger with the screeners serie. I keep getting requests private messages and requests saying that screeners aren't possible with TradingView.
My answer is always... "Reallyyy ??" (I never find a better answer than that...)

I'll publish a few screeners just for everyone to understand what can be done with Pinescript. We don't have to wait for TradingView to allow screener based on custom indicator - we can build our own ^^

I - What is an engulfing pattern

Let's start with a screener to check for a very famous candlestick pattern called engulfing

Engulfing candles tend to signal a reversal of the current trend in the market. This specific pattern involves two candles with the latter candle ‘engulfing’ the entire body of the candle before it.
The engulfing candle can be bullish or bearish depending on where it forms in relation to the existing trend
Source and more info here

These engulfing candles indicate a strong shift in direction, and when combined with observation of the price-trending direction that precedes it, this shift creates the opportunity for a trading strategy.

II - How did I set the screener

I added an optional filter being Price vs SMA . The idea is to select only the engulfing whenever the price also breaks an SMA - this usually translates a stronger move - but could sometimes give the signal too late (#meh #trading #ain't #easy)

The visual signals are as follow:

- square: whenever the engine detects an engulfing and an SMA breakout
- triangle: the engine only detects an engulfing
- dash: none of the above

Then the colors are:

- orange when bullish
- yellow when bearish
- aqua/dash when none of the above

Cool Hacks

"But sir... what can we do with only 5 instruments for a screener?" I agree not much but...
even if I allow only 5 instruments per indicator - nothing prevents you from adding multiple times the same indicator and changing the selected instruments for each. I also show why the SPX500 gave a yellow triangle ( bearish engulfing ) and how to match it with the screener.

=> https://imgur.com/a/X5Aq7rM

Wishing you all the BEST trading
Dave
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?
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Comments

Wow. Thank you. I'm new to TradingView, and was looking for a way to set up screeners based on indicators not in their (extensive, but incomplete) list of parameters.

This is exactly what I need, and I look forward to attempting customizations based on other candlestick patterns confirmed by support/resistance indicators.
+3 Reply
wow, can you guide with what time frame it uses ? current TF or ... ?
+1 Reply
Daveatt vikkranntshah
@vikkranntshah, I don't recommend any particular TFs for that one
You can use the ones you think are the most relevant
Reply
@Daveatt, thanks for the clarification can you please build VWAP & Volume based on same logic of Best EMA, MACD, Engulfing - scanner
Reply
this is epic
+1 Reply
no alerts?
Reply
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