OPEN-SOURCE SCRIPT
Updated Strong Bullish And Bearish Engulfing Pattern
CONDITIONS:
🔹 1st Condition — Bullish Engulfing ➜ BUY
Previous Candle (Red): close[1] < open[1]
Current Candle (Green): close > open
Opens below previous red candle’s close: open < close[1]
Closes above previous red candle’s open: close > open[1]
➡️ Plot BUY below the green candle
🔸 2nd Condition — Bearish Engulfing ➜ SELL
Previous Candle (Green): close[1] > open[1]
Current Candle (Red): close < open
Opens above previous green candle’s close: open > close[1]
Closes below previous green candle’s open: close < open[1]
➡️ Plot SELL above the red candle
What this Script Does:
Detects Bullish Engulfing patterns ➜ plots BUY below the green candle.
Detects Bearish Engulfing patterns ➜ plots SELL above the red candle.
🔹 1st Condition — Bullish Engulfing ➜ BUY
Previous Candle (Red): close[1] < open[1]
Current Candle (Green): close > open
Opens below previous red candle’s close: open < close[1]
Closes above previous red candle’s open: close > open[1]
➡️ Plot BUY below the green candle
🔸 2nd Condition — Bearish Engulfing ➜ SELL
Previous Candle (Green): close[1] > open[1]
Current Candle (Red): close < open
Opens above previous green candle’s close: open > close[1]
Closes below previous green candle’s open: close < open[1]
➡️ Plot SELL above the red candle
What this Script Does:
Detects Bullish Engulfing patterns ➜ plots BUY below the green candle.
Detects Bearish Engulfing patterns ➜ plots SELL above the red candle.
Release Notes
1st Condition — Bullish Engulfing (BUY):close[1] < open[1] (previous candle red)
close > open (current candle green)
open < close[1] (opens below red close)
close > open[1] (closes above red open)
volume >= user input (default: 2,000,000)
🔽 Plot "BUY" below green candle
2nd Condition — Bearish Engulfing (SELL):
close[1] > open[1] (previous candle green)
close < open (current candle red)
open > close[1] (opens above green close)
close < open[1] (closes below green open)
volume >= user input (default: 2,000,000)
🔼 Plot "SELL" above red candle
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.