Falcon Signals

This script is a TradingView Pine Script for a trading strategy called "Falcon Signals." It combines multiple technical indicators and strategies to generate buy and sell signals. Here’s a breakdown of what the script does:

1. Supertrend Indicator:
The script calculates the Supertrend indicator using the Average True Range (ATR) and a specified multiplier (factor). The Supertrend is used to define the trend direction, with a green line for an uptrend and a red line for a downtrend.

2. EMA (Exponential Moving Average):
Two EMAs are used: a fast EMA (9-period) and a slow EMA (21-period). The script checks for crossovers of the fast EMA above or below the slow EMA as a basis for buying and selling signals.

3. RSI (Relative Strength Index):
The RSI (14-period) is used to measure the momentum of the price. A buy signal is generated when the RSI is less than 70, while a sell signal is generated when it’s greater than 30.

4. Take Profit (TP) and Stop Loss (SL):
The script allows users to set custom percentages for take profit and stop loss. The take profit is set at a certain percentage above the entry price for buy signals, and the stop loss is set at a percentage below the entry price, and vice versa for sell signals.

5. Trailing Stop:
A trailing stop can be enabled, which dynamically adjusts the stop loss level as the price moves in the favorable direction. If the price moves against the position by a certain trailing percentage, the position will be closed.

6. Engulfing Patterns:
The script checks for bullish and bearish engulfing candlestick patterns, indicating potential reversals. A bullish engulfing pattern is marked with a teal label ("🔄 Reversal Up"), and a bearish engulfing pattern is marked with a fuchsia label ("🔄 Reversal Down").

7. Plotting:
The script plots various indicators and signals:

Entry line: Shows where the buy or sell signal is triggered.

Take profit and stop loss levels are plotted as lines.

EMA and Supertrend lines are plotted on the chart.

Trailing stop line, if enabled, is also plotted.

8. Buy and Sell Labels:
The script places labels on the chart when buy or sell signals are triggered, indicating the price at which the order should be placed.

9. Exit Line:
The script plots an exit line when the trailing stop is hit, signaling when a position should be closed.

10. Alerts:
Alerts are set for both buy and sell signals, notifying the trader when to act based on the strategy's conditions.

This strategy combines trend-following (Supertrend), momentum (RSI), and price action patterns (EMA crossovers and engulfing candlestick patterns) to generate trade signals. It also offers the flexibility of take profit, stop loss, and trailing stop features.