Technical Indicators for MetaTrader 4
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MetaTrader 4
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Overview
Pro Engulfing Indicator is professional indicator can detect qualified engulf patterns
Free version of ProEngulfing is QuallifiedEngulfing By One Signal Limitation per day and less features
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MT5 version of this product is downloadable now :
Introducing ProEngulfing – Your Professional Engulf Pattern Indicator for MT4 Unlock the power of precision with ProEngulfing, a cutting-edge indicator designed to identify and highlight qualified engulf patterns in the forex market. Developed for MetaTrader 4, ProEngulfing offers a meticulous approach to engulf pattern recognition, ensuring that you receive only the most reliable signals for your trading decisions
How ProEngulfing Works:
ProEngulfing operates through a sophisticated algorithm that goes beyond simple pattern recognition to analyze engulf patterns thoroughly. The indicator employs qualification criteria, evaluating the percentage of the body and shadow in relation to the entire candle size. This meticulous assessment ensures that only high-probability engulf patterns are highlighted. Additionally, ProEngulfing seeks continuity confirmation by identifying a sufficient number of continuous reverse bars preceding the engulf pattern, adding an extra layer of reliability. The indicator provides two-sided signals with In Direction and Reverse Direction modes, easily switchable using on-chart buttons. In Direction Mode displays engulf patterns on touch or retrace on the moving average line, while Reverse Direction Mode reveals bearish qualified engulf patterns occurring above the moving average by a specified distance, suggesting a potential market reversal. To enhance decision-making, ProEngulfing introduces a BackTest feature, allowing users to internally assess all generated arrows based on three different Risk-to-Reward ratios (RR). This feature provides a visual representation of win rates for each take profit level, streamlining the backtesting process.Indicator Input Parameters:
- Signal Mode: Choose between Both Mode, In Direction, or Reverse Direction.
- Shadow Percentage: Set the percentage for the shadow in the engulf pattern.
- Body Percentage: Determine the percentage of the body compared to the candle size.
- After Number of Reverse Candle: Specify the number of consecutive reverse candles required before accepting an engulf pattern.
- Stop Loss Margin: Set the stop loss margin for risk management.
- Risk-to-Reward Ratios: Customize RR1, RR2, and RR3 for tailored risk management.
- Atr Factor: Determine the minimum ATR distance factor for reverse signals.
- Atr Period: Set the ATR period for volatility consideration.
- Gravity Moving Average: Configure Moving Average settings, including period, applied price, and method.
- Alert Settings: Enable or disable MT4 PopUp, Mobile, and Email alerts for timely notifications.
FAQ
How this indicator show patterns and entry signals ?
Pro Engulfing fill bars by specific color , and draw up and down arrow to show you exact entry opportunity
Is this indicator has repaint ?
No there is no repaint in this product, all arrow will remain fix on chart, you can trust arrows.
How our developer can detect signals and use them in Expert Advisor ?
Very easy to use, buy and sell signals specified by 2 buffers,.
Buy buffer number is 0 _ MQL Code to achieve this buffer is : double ProEngulfBuy = iCustom(Symbol(),PERIOD_CURRENT,"Market//ProEngulf.ex4",0,1);
Sell buffer number is 1 _ MQL Code to achieve this buffer is : double ProEngulfSell = iCustom(Symbol(),PERIOD_CURRENT,"Market//ProEngulf.ex4",1,1);
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