Engulfing Candles Algo Strategy AZT
Strategy Premise
This Strategy uses a Bullish Engulfing candle and Bearish Engulfing Candle A bullish engulfing pattern can be identified when a small black candlestick showing a bearish trend, is followed the next day by a large white candlestick, showing a bullish trend, the body of which completely overlaps or engulfs the body of the previous day’s candlestick.
A bearish engulfing pattern is a technical chart pattern that signals lower prices to come. The pattern consists of an up (white or green) candlestick followed by a large down (black or red) candlestick that eclipses or “engulfs” the smaller up candle. The pattern can be important because it shows sellers have overtaken the buyers and are pushing the price more aggressively down (down candle) than the buyers were able to push it up (up candle).
Strategy Logic
Long Entry: When Bullish Engulfing Candle is Current bar open is less than equal to the previous bar close and current bar open is less than previous bar open and current bar close is greater than previous bar open, Send LE.
Long Exit: Either when SL or Target is hit. If SL/TGT is not hit and current bar open is greater than equal to previous bar close and current bar open is greater than previous bar open and current bar close is less than previous bar open send LX and SE
Short Entry: When current bar open is greater than equal to previous bar close and current bar open is greater than previous bar open and current bar close is less than previous bar open, Send SE
Short Exit: Either when SL or Target is hit. If SL/TGT is not hit and Bullish Engulfing Candle is Current bar open is less than equal to the previous bar close and current bar open is less than previous bar open and current bar close is greater than previous bar open send SX and LE
Setting Up Alert
Before setting up an alert make sure that You have selected the desired script, timeframe, strategy settings, API bridge is configured and running. Click in settings add alert and paste {{strategy.order.comment}} in message box.
Important: do not change any settings during live trading.
This Strategy uses a Bullish Engulfing candle and Bearish Engulfing Candle A bullish engulfing pattern can be identified when a small black candlestick showing a bearish trend, is followed the next day by a large white candlestick, showing a bullish trend, the body of which completely overlaps or engulfs the body of the previous day’s candlestick.
A bearish engulfing pattern is a technical chart pattern that signals lower prices to come. The pattern consists of an up (white or green) candlestick followed by a large down (black or red) candlestick that eclipses or “engulfs” the smaller up candle. The pattern can be important because it shows sellers have overtaken the buyers and are pushing the price more aggressively down (down candle) than the buyers were able to push it up (up candle).
Strategy Logic
Long Entry: When Bullish Engulfing Candle is Current bar open is less than equal to the previous bar close and current bar open is less than previous bar open and current bar close is greater than previous bar open, Send LE.
Long Exit: Either when SL or Target is hit. If SL/TGT is not hit and current bar open is greater than equal to previous bar close and current bar open is greater than previous bar open and current bar close is less than previous bar open send LX and SE
Short Entry: When current bar open is greater than equal to previous bar close and current bar open is greater than previous bar open and current bar close is less than previous bar open, Send SE
Short Exit: Either when SL or Target is hit. If SL/TGT is not hit and Bullish Engulfing Candle is Current bar open is less than equal to the previous bar close and current bar open is less than previous bar open and current bar close is greater than previous bar open send SX and LE
Setting Up Alert
Before setting up an alert make sure that You have selected the desired script, timeframe, strategy settings, API bridge is configured and running. Click in settings add alert and paste {{strategy.order.comment}} in message box.
Important: do not change any settings during live trading.