Ultimate Engulfing Scanner By ScorpionFX

 

      THIS IS A GENERAL OVERVIEW OF THE BENEFITS, FEATURES AND PARAMETERS OF THIS INDICATOR.    

  BUT PLEASE BE SURE TO CONTACT US AFTER YOUR PURCHASE. AND WE WOULD BE HAPPY 

TO SEND YOU MANY MORE DETAILS REGARDING THIS INDICATOR AND THE BEST

WAYS TO USE IT. INCLUDING ADVICE ON THE BEST PAIRS TO MONITOR,

BEST TIME FRAMES, BEST SETTINGS ETC.

 

AS WELL AS SOME CRITICALLY IMPORTANT TRADING INFORMATION,

FOR ACHIEVEING THE BEST RESULTS IN YOUR LONG TERM TRADING CAREER. 

INCLUDING STRATEGY SELECTION, POSITION SIZING AND LONG TERM TRADING DEVELOPMENT.

                         

                                                     ULTIMATE ENGULFING SCANNER:

This indicator has been designed to find the strongest engulfing patterns in the forex market.

- An engulfing pattern is very simple to trade, without the need for any complicated analysis.

- This patterns provides an excellent risk and reward ratio. Because your potential wins will 
   always be considerably larger than your potential losses. And this is CRITICAL to your long term 
   trading success. 

- You have the highest probability of success when you this pattern occurs at the end of an extended trend.
   And this is why we have put two separate filters into this indicator. So that you don't waste your valuable

   time with meaningless alerts. 

IMPORTANT FACTORS TO KEEP IN MIND:

Nothing is more important than price action.

A strong engulfing candle at the end of a trend is a clear indication that the institutions have flipped.
If it happens at the end of an uptrend, it means that the institutional bears are now in charge. 

And if it happens at the end of a downtrend, it means that the institutional bulls are now in charge. 

• This indicator can monitor all 28 pairs at the same time.
• It can monitor every timeframe, from 1 Minute to Monthly. All at the same time. 
• It will automatically trigger an alert whenever the appropriate pattern is identified.
• It can monitor any symbol in your Metatrader platform. Including crypto, commodities, indices, equities, ETF's etc. 
• It uses two filters (RSI and Consecutive Candles) in order to catch the patterns at the end of a trend.                                                                                                    

- This indicator only needs to be placed on one chart and it will simultaneously monitor the entire market, all on one screen.

  This will save you an enormous amount of time and effort. As you won't have to flip through dozens of charts for analysis. 
  And this will allow you to focus on other aspects of your trading. Such as further technical (or fundamental analysis).
  This will also give you more time to find other trading opportunities. 

• Symbols: The indicator monitors the top 28 pairs by default, but you can select less pairs if you wish.
• Use RSI Filter: True = Yes, False = No
• RSI Period: Setting for RSI filter
• RSI Up Level: Overbought level for RSI filter. Bearish engulfing candle must form above this level in order to be valid.
• RSI Down Level: Oversold level for RSI filter. Bullish engulfing candle must form below this level in order to be valid.
• Use Consecutive Filter: True = Yes, False = No
• Consecutive Candles: Will look for the engulfing candle after "X" number of consecutive candles. 

          

You have the option of using both filters if you wish. Or only one of them. Or none. 
It is completely up to you.

See the images below for further details.
And contact us if you have any questions.

We reply to all questions within 24 hours. And depending on the total volume
of inquiries that we have, we can sometimes answer in less than 1 hour.
In this example, you have a bearish engulfing pattern that has been formed 
at the top of a strong uptrend. And the uptrend is confirmed by the strong

reading on the RSI. In this example, the RSI is beyond '80'.  

Bullish engulfing follows the same logic, but in the reverse direction.
With bullish engulfing, the pattern would be found at the bottom

of a strong downtrend. And the RSI reading would be at '30' or below. 

These are extremely simple and straight forward patterns to trade. 
Without the need for you to analyze any type of unnecessary data.

And without the need for you to decipher any kind of complex patterns.

And best of all, the indicator will do all of the hard work of finding

these patterns for you. Anywhere across the entire market. 

In this example, you have a bearish engulfing pattern that has been formed 
after 5 consecutive up candles. And in this example, this pattern is even
more significant because it is occurring near a prior high. Which has not
been broken in several attempts. And this level has proven to be significant
A bullish example would follow the same logic, but in the reverse direction.
With bullish engulfing, the engulfing candle would be found after a series 

You have full control over the settings for the RSI filter.

If you select 'TRUE' you will only receive alerts that are in agreement
with your RSI filter settings. Or you can choose to ignore the RSI filter

completely by selecting 'FALSE'.

You have full control over the settings for the consecutive candle filter.

If you select 'TRUE' you will only receive alerts that are in agreement
with your consecutive candle filter settings. Or you can choose to ignore

the consecutive candle filter completely by selecting 'FALSE'.

***YOU CAN CHOOSE TO USE BOTH FILTERS AT THE SAME TIME. 
    BY SELECTING 'TRUE' ON BOTH OF THEM. 

    IF YOU DECIDE TO USE BOTH FILTERS AT THE SAME TIME, 
    YOU WILL RECEIVE FEWER SIGNALS. BUT THE SIGNALS 

    WILL BE MORE RELIABLE. 

***YOU CAN ALSO CHOOSE TO IGNORE BOTH FILTERS COMPLETELY. 
    BUT PLEASE BE AWARE THAT IF YOU DON'T USE ANY FILTERS, 

    YOU WILL RECEIVE A LOT OF LOW PROBABILITY SIGNALS. 

THANKS AGAIN FOR REVIEWING OUR INDICATORS.

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