The Engulfing Bar Alert indicator for Metatrader 4 scans for bullish & bearish engulfing trading patterns and shows them on the chart.
The patterns appear in the form of blue and magenta colored signal arrows.
The indicator is versatile and can be used in multiple ways.
Key Points
- Identifies bullish & bearish engulfing trading patterns.
- Appears as signal arrows.
- Price action.
- Indicator can be fully modified (inputs tab).
- Great tool for pattern traders.
Free Download
Download the “engulfing-bar-alert-indicator.ex4” MT4 indicator
Indicator Chart (EUR/USD H1)
The EUR/USD H1 chart below shows the Engulfing Bar Alert indicator in action.
Basic Trading Signals
Signals from the Engulfing Bar Alert Forex indicator for Metatrader 4 are easy to interpret and go as follows:
BUY:
- A new buy signal is generated when the blue signal arrow appears on the chart and the underlying trend is moving upwards.
- Set a stop loss below technical support.
- Exit the buy trade for at least 10 pips profit.
SELL:
- A new sell signal is generated when the magenta signal arrow appears on the chart and the underlying trend is moving downwards.
- Set a stop loss above technical resistance.
- Exit the sell trade for at least 10 pips profit.
Download Now
Download the “engulfing-bar-alert-indicator.ex4” MT4 indicator
Adjustable Parameters & Settings
Use bull engulfing? use bear engulfing, alerts, colors, width, style.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Supported currency pairs: Any
Trading Platform: Metatrader 4 (MT4)
Time Frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Candlestick pattern
