Bearish/Bullish candle count and average on ENGULFING

Bearish/Bullish candle count and average on ENGULFING

Based on a request on the forum (https://www.prorealcode.com/topic/count-5-10candle-sticks-that-closes-above-50-ema/), I wrote this indicator that may help to better identify when an Engulfing pattern can be a good reversal point.

It counts candles BELOW an MA (on a Bullish Engulfing) and candles ABOVE an MA (on a Bearish Engulfing). I added two MA’s, to detect when their average counts are rising or dropping to make an even better decision:

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No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

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