Most engulfing scanners mark any candle that covers the one before. This engulfing pattern indicator meta trader indicator adds two conditions: the new body must be at least one and a half times the prior body, and the three closes before it must run the other way. That leaves engulfing bars that end a short run.
This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.
| Platforms | MT4 (.ex4) + MT5 (.ex5) |
|---|---|
| Chart window | Main price chart |
| Plots | 2: Bullish Engulfing, Bearish Engulfing |
| Alerts | popup, push notification, email, sound |
| Inputs | 9 |
The display
Two marks on price, nothing else.
`Bullish Engulfing` prints lime with arrow 233.
`Bearish Engulfing` prints red with arrow 234.
Marks sit on the engulfing candle itself.
`InpArrowOffsetPips` `1.5` sets the gap.
No lines or panels clutter the chart.
- Bullish Engulfing: arrow, lime, width 2, arrow code 233
- Bearish Engulfing: arrow, red, width 2, arrow code 234
Following the source
The shape
A bullish candle must open at or below the prior close and close at or above the prior open, after a bearish candle.
The size
`InpBodyStrengthMult` `1.5` asks the new body to be more than one and a half times the prior body.
The run
`InpTrendBars` `3` lower closes must come before the prior bar for a bullish mark. Bearish marks mirror this.
What to look for
A lime mark ends a short fall.
A red mark ends a short rise.
Large bodies matter more than small ones.
Marks appear on the closed candle.
Fewer marks than a plain engulfing scanner.
Warm-up needs five bars.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
Each engulfing candle that passes the size and run checks sends one message. `InpEnableAlerts` decides whether it goes out, and the popup is the route ready at the start.
Every Engulfing Pattern Indicator Meta Trader Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
InpBodyStrengthMult |
Current body must be > N x prior body. How much bigger the new body must be, `1.5`. | 1.5 |
InpTrendBars |
Prior consecutive bars in opposite direction. Prior closes the other way, `3`. | 3 |
Display settings
| Setting | What it does | Default |
|---|---|---|
InpArrowOffsetPips |
Arrow distance from candle in pips. Mark gap in pips, `1.5`. | 1.5 |
Alert settings
| Setting | What it does | Default |
|---|---|---|
InpEnableAlerts |
Switch for pattern messages, `true`. | on |
InpEnablePopup |
Popup, `true`. | on |
InpEnablePushNotify |
Mobile route, `false`. | off |
InpEnableEmail |
Email route, `false`. | off |
InpEnableSound |
Sound, `false`. | off |
InpSoundFile |
Sound clip, `”alert.wav”`. | alert.wav |
Choosing well
Engulfing bars after a three-bar run show up a few times a week on hourly charts. EURUSD H1 is the reference chart. On M15 they come daily. On D1 they are the textbook swing setup.
The honest limits
Three closes is a very short run.
Engulfing bars in ranges mean little.
Gaps can distort the open rule on some pairs.
Only the popup starts switched on.
Copy the compiled Engulfing Pattern Indicator Meta Trader Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.
Download the Engulfing Pattern Indicator Meta Trader Indicator for MT4 and MT5
The zip holds the compiled Engulfing Pattern Indicator Meta Trader Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.
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FAQ
What does InpBodyStrengthMult 1.5 add?
Size. A candle that barely covers the one before does not count; its body must be more than one and a half times the prior body, which filters out weak engulfing bars.
Why require InpTrendBars 3 lower closes first?
An engulfing bar means more when it ends a move. Three falling closes before the prior bar give it something to reverse, instead of marking every engulfing bar in a range.
Does a Bullish Engulfing need to cover the wicks?
No. Only the bodies are compared. The new candle’s open and close must cover the prior candle’s close and open, while wicks can extend beyond.
Can InpTrendBars be set to zero?
The loop then checks nothing, so every engulfing bar that passes the size rule gets a mark. Expect far more marks and many in ranges.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Engulfing Pattern Indicator Meta Trader Indicator as one input. Always backtest before trading live.
Category: this is part of our Candle Sticks collection. Then, plainly, browse more Candle Sticks for MetaTrader, or explore every MT4 indicator and MT5 indicator on the site.
External references
- Learn more about the underlying method in Noise trader on Wikipedia.
- For wider market background, see Stockcharts High Low Index at StockCharts ChartSchool.
About the author
Written by Dominic Walsh, a Forex trader and MT4/MT5 indicator, Expert Advisor and script developer. Every tool on forexmt4systems.com is tested on live charts before release and ships with ready-to-use compiled MT4 (.ex4) and MT5 (.ex5) files. Learn more about the trader and developer behind this site.
How we build, test and correct every tool: Editorial & Testing Policy. Trading carries risk; see the disclaimer.