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Engulf Seeker

The Engulf Seeker indicator is a powerful tool designed to detect engulfing candlestick patterns with precision and reliability. Built on advanced logic and customizable parameters, it offers traders valuable insights into market trends and potential reversal points.


Key Features and Benefits:

  • Utilizes revised logic to analyze previous candles and identify strong bullish and bearish engulfing patterns.
  • Convenient arrow-based alert system notifies traders of pattern occurrences on specific symbols and timeframes.
  • Versatile application in various market conditions and timeframes, providing valuable entry signals.
  • Non-repainting signals and input filtering ensure accuracy and reliability in signal generation.

Usage and Application: Traders can use the Engulf Seeker indicator to:

  • Identify potential entry points based on engulfing patterns in trendless or trending markets.
  • Combine reversal signals with support and resistance analysis for enhanced trading strategies.
  • Customize inputs to suit different trading styles and preferences.

Disclaimer and Risk Disclosure: Trading carries inherent risks, and profits are never guaranteed. Traders should conduct thorough analysis and use the Engulf Seeker indicator as a supplementary tool in their trading decisions. Past performance is not indicative of future results.


Find bull and bear setups in any market based on strong price demand

The Engulf Seeker is a robust trend-based indicator merely designed to enhance your trading toolkit. It efficiently identifies engulfing patterns, offering valuable insights into market trends. While the indicator provides reliable signals, it's essential to recognize that trading carries inherent risks, and profits are never guaranteed. Therefore, it should be used as a complementary tool in conjunction with your own diligent market analysis.


Indicator inputs explained:

Bar Comparison Factor

The multiplication factor by which the body of the most recent bar overlaps or engulfs the body of the previous bar

Valid Candlestick Dimension

The minimum size in points between the high and low of the most recent bar for a signal to be valid

Compare previous consecutive bars

When this setting is set to true, engulfing patterns are processed where the previous candlesticks of one color are followed by engulfing candlesticks of the same color. When this setting is set to false, the color of historic candles is ignored, and the magnitude of the newest bar is compared to the previous bar directly before it

Reduce Weak Signals

This will prevent signals from generating on weak consolidation candles for less than the number points specified by the seed value

Shift

This will shift the signals back in time by the value specified. It can provide a clearer visualization to paint the signals back in time to show the point directly before where the candlestick engulfing pattern occurred. It is down to user preference; it is not needed nor used in the factory presets that are provided

Activate Alerts

This will activate alerts for when the engulfing pattern occurs. It will alert at which time the pattern occurred, on which symbol it occurred, and on which timeframe it occurred.

Alert Type

Choose to alert from the terminal, through the MT5 mobile application, or through email


Notes about presets and editing the inputs:

Default presets are provided, and there is a different preset customized for each different timeframe. Presets may need to be altered slightly to suit different markets.

The seed value (in points) to reduce weaker signals must be a high value or otherwise there won't be much of an effect (or any effect)

The Bar Comparison factor is supposed to be a decimal number greater than 1 to validate the candlestick engulfing pattern

   

  • Engulfing patterns can find valid price divergence points even in a trendless market
  • A priceless signal indicator to accompany other price momentum or trend indicators
  • The reversal signals work well in combination with support and resistance lines
  • No “weak” signals, and input filtering added to void any signals generating in market consolidation zones
  • Will seek the engulfing patterns on any timeframe (ideally H4 and below)
  • Indicator does not repaint signals, and there’s absolutely no delay in the painting of the signals



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Fractal Advanced - displays Fractal and Alligator indicators on the price chart. Has wide options for settings and customization. It is also equipped with alerts and a hotkey system. Manual (Be sure to read before purchasing) | Version for MT4 Advantages 1. The indicator does not fill the entire chart with fractals, but allows you to display only relevant signals. 2. The number of fractals is adjusted by scrolling the mouse while holding down the Shift key. 3. Instantly show/hide the Alligator
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This is a tick indicator which compares the current bid price with the previous bid directly before it, and draws candles based on a comparison of the current ticks. It does not use historical ticks. Everything happens in real time, data moves from right to left, and the newest data arrives at the right. A trend line can be added which points in the direction of the price shifts.
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