indicator · on price · open source
Bearish Engulfing
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About
Bearish Engulfing: a small green candle followed by a larger red candle whose body fully contains the previous body. Classic reversal at the top of an uptrend.
- Triangle marker above the bar + red bar colour when confirmed.
- Strongest after an extended rally or at a prior resistance level.
Source code
//@version=5
indicator("Bearish Engulfing", overlay=true)
prevUp = close[1] > open[1]
currDown = close < open and open >= close[1] and close <= open[1]
be = prevUp and currDown
barcolor(be ? color.red : na)
plotshape(be, "Bearish Engulfing", style=shape.triangledown, location=location.abovebar, color=color.red, text="BE")
alertcondition(be, "Bearish Engulfing", "Bearish Engulfing pattern confirmed")
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