OPEN-SOURCE SCRIPT

Trend following 3 EMA & Bullish Engulfing indicator for Forex

Actualizado
Hello world,

I now took the time and puzzled through my own indicator.

The idea:
Main "strategy" uses 3 EMAs (8, 13 and 21) to attain trend-relevant information.
Then we look for bullish & bearing engulfing candles which indicate and pullback into trend direction and a gain in momentum.
Trading purpose:
One could now enter with next open. SL at low/high of engulfing candle. TP at e.g. 1.25 of that candles size.

Security:
There are two security functions build in.
We check for higher timeframe confirmation.
This is done by checking if current trend is in accordance with the EMA of the next higher timframe.
Standard-deviation is 3 on default. Can be changed in the inputs.

Alerts:
Until now there is just one alertcondition programmed.
It alerts for every engulfing candle (bullish and bearish).


More will follow in further versions.

Inputs:
I build in multiple inputs.
- switch on/off the security EMA's
- define security trend backcheck
- define the higher timeframe (15min/1h, 1h/240, 4h/D, D/W)

Happy to take feedback or contr.

All the best,
c4ss10p314
Notas de prensa
New feature:
Only one alert needed, not two like before.
Alert now triggers when engulfer is painted and gives the low/high of the engulfer + the distance + 3 minticks.

If "StopLossDelta" is positive, it's a bullish engulfing candle.
If it is negative, it is a bearish engulfing candle.

StopLossDelta is useful since my broker only accepts distance values.
This is the distance from open of candle to stoploss.
Candlestick AnalysisExponential Moving Average (EMA)Engulfing Candletrendfollowing

Script de código abierto

Siguiendo fielmente el espíritu de TradingView, el autor de este script lo ha publicado en código abierto, permitiendo que otros traders puedan entenderlo y verificarlo. ¡Olé por el autor! Puede utilizarlo de forma gratuita, pero tenga en cuenta que la reutilización de este código en la publicación se rige por las Normas internas. Puede añadir este script a sus favoritos y usarlo en un gráfico.

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