Engulfing Bar indicator modification needed

I ran across a video online talking about engulfing candles and proper conditions for entry based on the "right" engulfing candle. The problem with other indicators is that most engulfing candle situations are not good entry points and so the trader is left with sorting through all of these signals to find a low percentage of engulfing patterns that actually warrant trade consideration. This idea could also be applied to other price action candles like the pin bar

Take a look at his simplistic idea:


His arguments are undeniable and the parameters he suggests is what sets everything apart. Here is what we need to measure at every bar (independent of Time Frame).

The downward reversal example:

1. Every bar has an open, close, high, and low. The engulfing candle must first be valid by having a higher high and a lower low. The close must also be lower than the open of the previous candle.

2. Each candle has another parameter that I'm interested in: How many previous candles in a row have a smaller low to high range than the engulfing candle. I.E. The range in the engulfing candle itself has a spread range of 10 pips. How many candles into history are there until we find another candle that has a spread of 10 pips or higher?

3. In the downward reversal situation we want to ask how many bars back until we find a higher high than the engulfing candle itself.

So essentially here are the programmable parameters:

1) Minimum left space - Minimum number of candles to left that do not exceed the engulfing high or low for signal consideration.

2) Minimum candle size sequence - Minimum number of candles in sequence before engulfing candle that do not exceed the range or spread of the engulfing candle

3) Minimum candle spread - High minus Low must be greater than this value to be considered a signal.

Keep in mind any of these requirements could be removed by simply setting the value to zero in the parameter list.

If someone could please make these modifications to this indicator I would be very appreciative

I don't have an MQL4 version of the indicator, perhaps it can be found somewhere else out there. I got this indicator on FF originally. I liked this version because it has push notifications which is definitely something I use all the time.

Thanks!!

Actually, perhaps we can get a similar modification done for a pinbar indicator. The PriceAction AHA is what I am using currently because it has push notifications and I can set the types of pinbars I'm looking for with the nose ratio and body ratio, but it has a few other patterns that can be turned on that I don't use and have no interest in. The PinbarDetector does not have any push notifications, but perhaps we can adapt one of these to the parameters mentioned above?

Thanks very much in advance!

Subscribed.

I currently use an engulfing candle indicator on Trading View at the moment which is called the "Candle Stick Patterns" indicator (Trading View link: https://www.tradingview.com/v/vcsWo8mh/)

You can set it to identify all the candles from Doji to Pin Bar etc. but I only enable it to show the engulfing candles. You should check it out and use it for now until some one can code those modifications you're requesting

Here's a link to my chart with the indicator: https://www.tradingview.com/chart/Jd3kEpC4/

Yes indeed. Not too bad. Hopefully we can get a superman to get these valuable mods done.

I know its asking allot but I also have one minor mod I want to have done to my RSI indicator. I'd like to have "arrows" added to the charts for the signals that come up in the pop-up window in real time when the levels are breached. In order to do this we need to have some logic built in so that you can only get one RSI breach on the oversold side before it retraces back to 50 (neutral). That way the signal can be reset or reloaded for the next breach either up or down. That way I can also look into history and see the arrows populate as well for back testing.

This would not be trend following, but reversal trading so arrows must go against the strength.

I have a good feeling that between these three indicators with push notifications I will be well suited to do trading wherever I am in the world.

Thanks!!!