OPEN-SOURCE SCRIPT
Engulfing Pattern TradingCoffee
This script is for detecting bullish and bearish engulfing patterns in trading charts. Here’s a brief summary:
User-defined Colors: Allows customization of colors for bullish (green) and bearish (red) patterns.
Pattern Detection: Identifies bullish engulfing when the current close is higher than the previous open and other conditions. Identifies bearish engulfing when the current close is lower than the previous open and other conditions.
Plotting: Marks bullish patterns below the bar with a green “B” and bearish patterns above the bar with a red “S”.
Alerts: Sets up alerts for when bullish or bearish engulfing patterns are detected.
User-defined Colors: Allows customization of colors for bullish (green) and bearish (red) patterns.
Pattern Detection: Identifies bullish engulfing when the current close is higher than the previous open and other conditions. Identifies bearish engulfing when the current close is lower than the previous open and other conditions.
Plotting: Marks bullish patterns below the bar with a green “B” and bearish patterns above the bar with a red “S”.
Alerts: Sets up alerts for when bullish or bearish engulfing patterns are detected.
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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