cma

Bullish and Bearish Engulfing Strategy

I've been trying to put a stop loss in the High or Low of the last second bar after I open a position but in this example the only way to close it, is with the opposite action. Does anyone know how to put a stop loss and order with just stop loss and close when there is a bullish or bearish engulfing bar?
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?
//@version=2
strategy("Super Envolvente", overlay=true)

secLast = 1

checkingHighsAndLows(position) =>
    high >= high[position] and low <= low[position]

isBearishEngulfing(position) =>
    checkingHighsAndLows(position) and open >= close[position] and open >= open[position] and close <= open[position] and close <= close[position]

isBullishEngulfing(position) =>
    checkingHighsAndLows(position) and open <= close[position] and open <= open[position] and close >= open[position] and close >= close[position]


longCondition = isBullishEngulfing(1)

if (longCondition)
    strategy.entry("Long Entry", strategy.long)

shortCondition = isBearishEngulfing(1)

if (shortCondition)
    strategy.entry("Short Entry", strategy.short)

Comments

kindly add one more condition engulfing with high volume
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cma drvnm11
@drvnm11, yes could be the best option to filter a good entry let me see, do you show an input to set the volume? I'm thinking to have a location option too!
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Tool is very good to get the indication just after the Engulf happens,
Can this code be tweeked in such a way that the entry is valid only it breaks the low or high of the engulfing candle, and SL Low or High of the Engulfing candle.
example, if the high breaks (Engulfing Candle), then Long, and SL is Low of engulfing Candle, and vice-versa for Sell position?

That will be of immense value and help to get the strategy tested.
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cma RP5405
@RP5405, sorry for the late answer, this platform doesn’t notify me when there is comment. It’s not hard to code what you say but the problem is close the position.
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