Description:
If you're looking to enhance your trading strategy, understanding the bullish and bearish engulfing candlestick patterns is crucial. This nifty indicator helps you spot these patterns on your charts and can optionally confirm them with volume. When the volume of the current candle surpasses that of the previous one, it boosts the reliability of the pattern, giving you a stronger signal. Plus, you have the flexibility to toggle the volume confirmation filter on or off according to your trading style.
Custom Settings:
BullishArrowColor: Choose the color for arrows that mark bullish engulfing patterns.
BearishArrowColor: Set the color for arrows that indicate bearish engulfing patterns.
UseVolumeFilter: Turn the volume confirmation feature on or off.
How to Read the Indicator:
An upward-pointing arrow below a candle signals a bullish engulfing pattern, while a downward arrow above a candle indicates a bearish engulfing pattern. When you enable volume confirmation, you'll only see those patterns that come with increasing volume, adding an extra layer of confidence to your trades.
Illustration:
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