Intraday Low Engulf Line

This indicator currently work on Future product as it track the intraday low for the daily session from 6pm to 5pm EST. You may have to manually adjust the code if there is a time difference, or day light saving.

This indicator will track all new intraday low through out the session. Once a new intraday low is made, the indicator will display the high of that candle as an engulf target.

If the next candle making a intraday low, this engulf target will be updated. Until there is no more intraday low is made, we will see a engulf target line which is the high of the candle that make the most recent intraday low.

If there is any candle body is below the intraday low engulf life, you can expect to place a buy stop order to trade the bullish reversal.

You may want to use 5m or 15m, or 30M timeframe to reduce the noise of this indicator.

Your stop loss will be set at the intraday low. Therefore a higher time frame 5m is better for entry, however 1m timeframe will give you the best reward.

The idea is that Indraday low engulf line can be a target for bullish reversal or a bullish retest.

Another way to use this this intraday low engulf line is to treat it as a support. If the support break, the trend can be bearish too.

You have to develop your own price action strategy how to trade this.

I will also add an intraday High engulf indicator later.

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This is the update enhanced version, you can select the time frame, and added a 50% line