In this section you can download Engulfing indicator for MetaTrader4 (mt4):
How to install Engulfing indicator in Metatrader 4First, download Indicator files When you finish downloading files, go to download folder and unpack your indicator. Now copy files Go to your Metatrader platform. Click File in the upper menu and select Open data folder. You should see a folder like this: Can you spot the MQL4 folder? Open it and here you will find folders like: Go to Indicators folder. Now go back to your Downloads folder. Open MQL4/indicators folder and copy file: Paste them into Metatrader MQL4/indicators folder Time to Refresh/Restarts It is best to restart the Metatrader4 platform. You can also click refresh. To do that, go to Navigator, right-click Indicators menu and select Refresh. Add Indicator to the chart Now it is time to add indictor to the chart. The easiest way is to open navigator, go to Indicators and double click name of indicator you want to add:
About Engulfing indicator and Engulfing strategy in trading
The first step to identifying a bullish engulfing pattern is to find a bear trend, and the second step to identifying a bear trend is to identify the “bear trend.” In other words, the bullish interlocking patterns at the bottom of the downward trends give you a strong indication that trends are likely to reverse. The bullish swallowed patterns trade best with support on swinging lows that are at or near the chart. Advanced pattern signals are combined with an impulse indicator that indicates an oversold or overbought market situation, which gives an indication of whether the trend is really over or not.
Traders can focus on trading in a bear-swallowing pattern by waiting for confirmation before watching the subsequent price action, or waiting for a pullback before starting a trade. If they are following candle trading strategies with the Engulfed Candle Reversal Strategy, they may be looking at trading in a bear pattern while waiting for confirmation of the move by watching subsequent price movements or waiting for the retreat to begin trading. Third, traders can wait until they see support or resistance before placing a purchase order, as in a bullish enguled pattern. This trading is or is used as a sell or stop order and can be conducted as an in-market order.
Whether you want to develop a convoluted pattern trading strategy or simply add an additional signal to your existing foreign exchange strategy, pay close attention to this section.
A bear-like devouring pattern is a small bullish candlestick, followed by a larger, bear-like candlestick, which swallows the first candlestick completely. When the bullish swallowed pattern leaves its body or when the large bearing candestick swallows the previous bullish candlestick body completely, it forms an inverse pattern, signaling that a great sales dynamic is heading toward its nadir. See the following sketch, which shows where a stop loss should be placed for each trade.
In the event of a downward trend, the bear-like devouring pattern signals that the purchase made during the withdrawal is over and the sale has resumed. The sale occurs during a retreat, and in this case it is a bullish eating pattern, but with a decreasing trend. In the event of an upward trend, this pattern is swallowed up and sales resume while the buybacks take place during the recall, so sales resume and the purchase resume.
The bear-devouring pattern is a certain set of chandeliers that, taken together, serve as a signal to the trader. The bullish swallowed pattern is the reverse pattern that matters to traders because it occurs at the lower end of a downward trend.