OPEN-SOURCE SCRIPT
High-Volume Bullish Engulfing
How This Script Works
Bullish Engulfing Pattern:
The current candle engulfs the previous red candle.
Open price is lower than the previous close, and the close is higher than the previous open.
High Volume Filter:
The current volume must be higher than 1.5x the average volume over the last 5 candles (configurable).
RSI Confirmation (Optional):
If enabled, checks if RSI is below 30 (oversold zone), increasing accuracy.
Marks Engulfing Candles on the Chart
A green arrow is plotted when the conditions are met.
Bullish Engulfing Pattern:
The current candle engulfs the previous red candle.
Open price is lower than the previous close, and the close is higher than the previous open.
High Volume Filter:
The current volume must be higher than 1.5x the average volume over the last 5 candles (configurable).
RSI Confirmation (Optional):
If enabled, checks if RSI is below 30 (oversold zone), increasing accuracy.
Marks Engulfing Candles on the Chart
A green arrow is plotted when the conditions are met.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.