C BullEng BearEng: Difference between revisions
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The indicator displays a plot corresponding to | The indicator displays a plot corresponding to bullish engulfing and bearish engulfing candlestick patterns. | ||
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== Description == | |||
Bullish engulfing is defined as: | |||
* The body of a green candle is larger and engulfs both the open and close of a red candle on the previous bar | * The body of a green candle is larger and engulfs both the open and close of a red candle on the previous bar | ||
* The price trend is declining | * The price trend is declining | ||
* The body of the green candle is greater than the average body | * The body of the green candle is greater than the average body | ||
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Bearish engulfing is defined as: | |||
* The body of a red candle is larger and engulfs both the open and close of a green candle on the previous bar | * The body of a red candle is larger and engulfs both the open and close of a green candle on the previous bar | ||
* The price trend is advancing | * The price trend is advancing | ||
* The body of the red candle is greater than the average body | * The body of the red candle is greater than the average body | ||
== Default Inputs == | == Default Inputs == | ||
'''Length (14)''' sets the length used to calculate the average body. | '''Length( 14 )''' sets the length used to calculate the average body. | ||
[[Category:Pre-built Indicators]] | [[Category:Pre-built Indicators]] | ||
Revision as of 14:40, 19 September 2024
The indicator displays a plot corresponding to bullish engulfing and bearish engulfing candlestick patterns.
Description
Bullish engulfing is defined as:
- The body of a green candle is larger and engulfs both the open and close of a red candle on the previous bar
- The price trend is declining
- The body of the green candle is greater than the average body
Bearish engulfing is defined as:
- The body of a red candle is larger and engulfs both the open and close of a green candle on the previous bar
- The price trend is advancing
- The body of the red candle is greater than the average body
Default Inputs
Length( 14 ) sets the length used to calculate the average body.
