The Engulfing Indicator MT4 is a pattern indicator for MetaTrader 4, designed to identify and indicate engulfing candlestick patterns on the main chart. It visually marks these patterns using colored arrows, making it easier for traders to spot potential opportunities. The engulfing pattern consists of two candlesticks, where the first candlestick is fully contained within the range of the second. A bearish engulfing pattern appears in an uptrend. When the next candle breaks below the low, it signals a downtrend reversal and the indicator displays a red arrow on the chart. In a downtrend scenario, if the next candlestick breaks above the high, it suggests an uptrend reversal, and the indicator displays a blue arrow on the chart.
The higher the timeframe where the pattern appears, the more accurate the reversal signal it generates. Consequently, this tool becomes a valuable asset for traders seeking to identify engulfing setups. Forex traders can use these signals to execute trades more effectively. Additionally, the indicator is customizable with extra alert options, enhancing its value for traders seeking to identify engulfing candlestick patterns.
This indicator is suitable for traders of all skill levels and across all time frames. It is designed for use with any currency pair and integrates into any forex trading system or strategy, to identify engulfing candlestick patterns.
Indicator Settings
How to Install Engulfing Indicator MT4
Download and extract files in the MetaTrader “Indicators” Data Folder found in the Main Menu File section:
The “Indicators” folder is located in the “MQL4” folder.
Restart MetaTrader Platform.
