Bullish and Bearish Engulfing (Strength & Trend)This is the final indicator that will show all the “Bullish Engulfing” and “Bearish Engulfing” price action patterns on the chart.
There are several indicators that show this type of chart pattern, but this will show you on the chart all the types of engulfing that may exist and differentiated by type (or strength).
I have classified 4 types of patterns for strength.
Those of strength 1 represent patterns that only incorporate the body of the previous candle, and therefore represent a "base" signal.
Those of strength 2 represent patterns that have the close beyond the shadow, but with an open equal to the previous close.
Those of strength 3 represent patterns that open beyond the previous close.
Those of strength 4 represent patterns in which the body of the candle completely encompasses the previous candle.
Trend Filter
For a better experience I have also added a trend filter via an exponential moving average adjustable from the settings.
So if activated, patterns will only appear if the candle is completely above the moving average.
The indicator is completed by alerts that can be activated either via the "any alert function" in which you will receive any alert, or you can choose whether to receive only bullish ones or only bearish ones.
