Description of the Indicator:
The "Engulfings/Doji" indicator, is designed to assist traders in identifying significant candlestick patterns on price charts. This indicator focuses on two primary candlestick patterns: Bullish Engulfing and Bearish Engulfing, as well as the Doji pattern. It provides valuable insights into potential price reversals or continuations. Here's how it works and how to use it:
Concepts Underlying the Calculations:
Bullish Engulfing and Bearish Engulfing Patterns: Bullish Engulfing patterns occur when a candle's open and close prices are lower than the previous candle's open and close, and the current candle completely engulfs the previous one. Bearish Engulfing patterns are the opposite, with the current candle's open and close prices higher than the previous candle's open and close, completely engulfing it.
Doji Pattern: The indicator also detects Doji candles. A Doji is characterized by a small or nearly non-existent body, indicating uncertainty or market indecision.
Time Filtering (Sig_Time): The indicator applies time-based filters to consider these patterns only during specific trading sessions or hours. This helps traders focus on more relevant signals during active market times.
Higher Timeframe (HTF) Engulfing Patterns: Additionally, the indicator can display HTF (Higher Timeframe) Engulfing patterns on the current chart, allowing traders to identify stronger signals occurring on higher timeframes.
How to Use the Indicator:
The indicator identifies and visually represents Bullish Engulfing, Bearish Engulfing, and Doji patterns on the price chart.
The colors of these patterns can be customized based on their significance and the time of occurrence.
Traders can set a maximum allowable body size for Doji patterns using the "Doji's Max Body size" input.
The "Show HTF Engulfings" input allows traders to display HTF Engulfing patterns on the chart.
Traders can choose not to display Doji patterns on the 1-minute (M1) timeframe by enabling the "Don't display Doji on M1" option.
Candlestick patterns and Doji signals are displayed with appropriate symbols and colors to help traders identify potential trading opportunities.
The time-based filtering enhances the relevance of the signals presented by the indicator.
The "Engulfings/Doji" indicator, is designed to assist traders in identifying significant candlestick patterns on price charts. This indicator focuses on two primary candlestick patterns: Bullish Engulfing and Bearish Engulfing, as well as the Doji pattern. It provides valuable insights into potential price reversals or continuations. Here's how it works and how to use it:
Concepts Underlying the Calculations:
Bullish Engulfing and Bearish Engulfing Patterns: Bullish Engulfing patterns occur when a candle's open and close prices are lower than the previous candle's open and close, and the current candle completely engulfs the previous one. Bearish Engulfing patterns are the opposite, with the current candle's open and close prices higher than the previous candle's open and close, completely engulfing it.
Doji Pattern: The indicator also detects Doji candles. A Doji is characterized by a small or nearly non-existent body, indicating uncertainty or market indecision.
Time Filtering (Sig_Time): The indicator applies time-based filters to consider these patterns only during specific trading sessions or hours. This helps traders focus on more relevant signals during active market times.
Higher Timeframe (HTF) Engulfing Patterns: Additionally, the indicator can display HTF (Higher Timeframe) Engulfing patterns on the current chart, allowing traders to identify stronger signals occurring on higher timeframes.
How to Use the Indicator:
The indicator identifies and visually represents Bullish Engulfing, Bearish Engulfing, and Doji patterns on the price chart.
The colors of these patterns can be customized based on their significance and the time of occurrence.
Traders can set a maximum allowable body size for Doji patterns using the "Doji's Max Body size" input.
The "Show HTF Engulfings" input allows traders to display HTF Engulfing patterns on the chart.
Traders can choose not to display Doji patterns on the 1-minute (M1) timeframe by enabling the "Don't display Doji on M1" option.
Candlestick patterns and Doji signals are displayed with appropriate symbols and colors to help traders identify potential trading opportunities.
The time-based filtering enhances the relevance of the signals presented by the indicator.
Release Notes:
Updates: Timeframe Identification (TF_is_M1): The indicator now identifies whether the current chart is on the 1-minute timeframe (M1) or not. This allows for specific handling of Doji patterns on the M1 timeframe.
Doji Pattern Detection (Doji_Bearish and Doji_Bullish): The indicator continues to detect Doji patterns on all timeframes as before. It assesses whether a Doji is present and categorizes it as either Bearish or Bullish.
M1-specific Doji Detection (Doji_Bearish_M1 and Doji_Bullish_M1): For the M1 timeframe, the indicator further distinguishes Doji patterns by assessing whether they are above (Bullish) or below (Bearish) the M1 TMA (Triple Moving Average) midline.
Display Control for Bullish and Bearish Dojis (Display_Bullish_Doji and Display_Bearish_Doji): These variables determine whether to display the detected Bullish and Bearish Doji patterns on the chart. They consider various factors such as:
Whether the current timeframe is M1 (TF_is_M1) and if M1 Doji display is enabled (No_M1_Doji_Display).
Whether the indicator should display extreme Doji patterns on M1 (Display_Extreme_Doji_On_M1).
Doji Pattern Detection (Doji_Bearish and Doji_Bullish): The indicator continues to detect Doji patterns on all timeframes as before. It assesses whether a Doji is present and categorizes it as either Bearish or Bullish.
M1-specific Doji Detection (Doji_Bearish_M1 and Doji_Bullish_M1): For the M1 timeframe, the indicator further distinguishes Doji patterns by assessing whether they are above (Bullish) or below (Bearish) the M1 TMA (Triple Moving Average) midline.
Display Control for Bullish and Bearish Dojis (Display_Bullish_Doji and Display_Bearish_Doji): These variables determine whether to display the detected Bullish and Bearish Doji patterns on the chart. They consider various factors such as:
Whether the current timeframe is M1 (TF_is_M1) and if M1 Doji display is enabled (No_M1_Doji_Display).
Whether the indicator should display extreme Doji patterns on M1 (Display_Extreme_Doji_On_M1).
Release Notes:
Extreme Doji Detection (Doji_Bearish_Extreme and Doji_Bullish_Extreme): The indicator now identifies extreme Doji patterns by assessing whether they occur above (Bullish) or below (Bearish) TMA levels. Extreme Doji patterns can signify a stronger potential price reversals.
Display Control for Extreme and Regular Dojis (Display_Bullish_Doji and Display_Bearish_Doji): These variables determine whether to display regular Doji patterns or extreme Doji patterns on the chart.
Display Control for Extreme and Regular Dojis (Display_Bullish_Doji and Display_Bearish_Doji): These variables determine whether to display regular Doji patterns or extreme Doji patterns on the chart.
Release Notes:
Alerts were added for bullish and bearish Dojis detected