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The Engulfing Bars indicator displays the Engulfing Bars, the signal, as well as the proposed stop loss and take profit. Absorbing bars are an important pattern of price action. The price action of the absorbing bar completely overlaps the price action of the previous bar.

Absorbing bars are most often used on higher timeframes.

The default settings of the Engulfing Bars indicator are quite effective most of the time. You can customize them based on your needs.

  • Show Engulfing Bars-Set true to display absorbing bars.
  • Body size percentage – The minimum body size of the absorbing bars as a percentage of the moving average of the body sizes, a higher value finds smaller but (probably) higher quality absorbing bars.
  • Stoploss distance in pips-The standard stop loss is at the maximum or minimum of the absorbing bar, and the number of pips specified here is added to it.
  • Color Palette-select a color palette for a dark or light background.
  • Colo (u)rs-color settings.
  • Show Alerts – if true, alerts are executed.
  • Show Screen Alerts – the value true enables the display of the alert on the screen.
  • Email Alerts – If true, alerts are sent by email.
  • Push Alert Notifications – if true, alerts are sent as push notifications.
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Engulfing Bars does not require a lot of computational power.

If you have any questions, please contact me. Opinions and suggestions are also welcome. Only with your help can I create more and more effective tools for MT4.

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Published

08 January 2016

Updated

28 March 2020

Current Version

1.1

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