Engulfing Pro

Engulfing Pro EA

1. OVERVIEW

The Engulfing Pattern EA is an automated trading system that identifies and trades bullish and bearish engulfing candlestick patterns. It includes built-in risk management features and dynamic stop-loss/take-profit calculations based on ATR (Average True Range).

2. Unique Features  

 Detects bullish and bearish engulfing patterns for trade entry.

Confirms engulfing patterns based on candlestick formations.

RSI Filter for Trade Confirmation (Optional): Uses Relative Strength Index (RSI) as an additional filter. (optional)

ATR-Based Stop Loss & Take Profit: Stop Loss (SL) and Take Profit (TP) are calculated using ATR (Average True Range).

Spread Protection Mechanism: Avoids placing trades when the spread exceeds the defined limit. 

Minimum Candlestick Size for Valid Engulfing Pattern. Ensures engulfing patterns are significant by setting a minimum candle size.

3. Trading Logic

Bullish Engulfing: A bearish candle completely engulfed by a following bullish candle

Bearish Engulfing: A bullish candle completely engulfed by a following bearish candle

Minimum candle size filter to avoid false signals.

RSI filter for trend confirmation (optional)

 4. Best Timeframes :

H4, H1 and M30 timeframe can used in this Engulfing EA.

Trending Currency Pairs : EURUSD  /  GBPJPY /  USDJPY  / XAUUSD (Gold)