The name and the rule do not match, so read the rule. The jf engulfing indicator does not compare two bodies. It waits for three consecutive bars of one colour, then marks the next bar if it closes the other way and finishes beyond the last of those three.
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: Jf 3-Bar Buy, Jf 3-Bar Sell |
| Alerts | popup, push notification, email, sound |
| Inputs | 6 |
Colours, widths and shapes
Two arrow plots, on price alone.
`Jf 3-Bar Buy` prints light coral using arrow 233.
`Jf 3-Bar Sell` prints tomato using arrow 234.
Both marks sit half a bar range clear.
No line appears anywhere on the chart.
Nothing is drawn in a pane below.
- Jf 3-Bar Buy: arrow, light coral, arrow code 233
- Jf 3-Bar Sell: arrow, tomato, arrow code 234
From price to plot
Three of a kind
The run comes first. Three consecutive bars closing below their own opens sets up the buy case, and three closing above sets up the sell case.
The reversal bar
The next bar must close the opposite way. For a buy it must close above its open and also above the close of the last bar in the run.
Placing the mark
Half the bar’s own range does it. A buy mark sits that far below the low, so the gap scales with how large the reversal bar was.
What the states mean
This is a three-bar run, not a body comparison.
Both colours here are reddish; read the arrow shape.
Up arrows are buys whatever their tint.
The rule has no adjustable threshold.
Nothing spaces repeated marks apart.
Marks confirm on closed bars only.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
A completed reversal is the reported event. `EnableAlerts` is the master switch and the terminal already raises a window. The phone, the mail route and the desktop announcement behind `SoundFile` all begin closed.
Every JF Engulfing Indicator input
Alert settings
| Setting | What it does | Default |
|---|---|---|
EnableAlerts |
Master switch over the reversal message, `true`. | on |
EnablePopup |
The terminal raises a window, `true`. | on |
EnablePushNotify |
A phone gets it instead, `false`. | off |
EnableEmail |
It goes out by mail, `false`. | off |
EnableSound |
The desktop announces it, `false`. | off |
SoundFile |
Announcement file, `”alert.wav”`. | alert.wav |
Matching chart to settings
Three bars one way then a turn happens often on a fast chart and rarely on a slow one. EURUSD H1 is the reference chart, giving a handful of marks a week. On M5 they arrive constantly. On D1 the pattern is genuinely notable.
Known limits
Three bars is a short run to call exhaustion.
The colours chosen make the two marks easy to confuse.
No input exists to tighten the rule.
A turn bar can be the middle of a larger move.
Copy the compiled JF Engulfing 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.
Background reading on the method behind the JF Engulfing Indicator: Bearish Engulfing Pattern at Investopedia, Bearish Engulfing Pattern at BabyPips.
Download the JF Engulfing Indicator for MT4 and MT5
The zip holds the compiled JF Engulfing 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.
Download this indicator free
Enter your email and the file is yours. You also get the full MT4 and MT5 library.
FAQ
Does this actually test for an engulfing pattern?
No, despite the name. There is no comparison of one body against another. The rule is three consecutive same-colour bars followed by one closing the other way and beyond the last of the three.
Why is the Jf 3-Bar Buy arrow light coral?
It is an unusual choice, since coral reads as a warm colour on most charts. The arrow shape is what tells you the direction: code 233 points up for a buy regardless of the tint applied to it.
Is EnableAlerts the only thing I can change?
Effectively yes. That switch and its four routes are the entire panel. The source fixes the three-bar rule and the mark spacing, so neither can be altered from the terminal.
Where is the Jf 3-Bar Sell arrow placed?
Half the bar’s own high-minus-low above its high. The gap therefore grows on a large reversal bar and shrinks on a small one, which keeps marks readable across symbols.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the JF Engulfing 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
- For background on this concept, see Electronic trading on Wikipedia.
- For broader market context, see Spread at Investopedia.
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.