indicator · on price · open source
Bullish Engulfing
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About
Bullish Engulfing: a small red candle followed by a larger green candle whose body fully contains the previous body. Classic reversal pattern at the bottom of a downtrend.
- Triangle marker below the bar + green bar colour when confirmed.
- Strongest when it appears at a prior support level or after a sharp sell-off.
Source code
//@version=5
indicator("Bullish Engulfing", overlay=true)
prevDown = close[1] < open[1]
currUp = close > open and open <= close[1] and close >= open[1]
be = prevDown and currUp
barcolor(be ? color.green : na)
plotshape(be, "Bullish Engulfing", style=shape.triangleup, location=location.belowbar, color=color.green, text="BE")
alertcondition(be, "Bullish Engulfing", "Bullish Engulfing pattern confirmed")
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