Engulfer | Foreign exchange EA download-MT4/MT5 resources-MetaTrader 5 resources

Engulfing Trading System (ETS) Using engulfing as the entry method, the trader can select the number (n) of engulfing candles (e.g. 1, 2, 3...etc.).
The system generates trend reversal and trend continuation signals after a pullback.
It uses a high RR (return to risk) ratio, 3 or higher.

The engulfing method implemented here is as follows:
- System acts on current Candles benefit from breakout momentum
- Bullish Devourer (Bull Signal --> Buy):

* The current candle price should exceed the highest price of all (n) previous candles

* The previous candle should have been bearish

* The lowest price of the current candle should be less than or equal to the closing price of all (n) previous candles

* The current candle price should exceed the lowest price of all (n) previous candles

* The previous candle should have been bullish

* The highest price of the current candle should be greater than or equal to the closing price of all (n) previous candles

//Enter and exit:--------------------------------------------------------

- Buy Bullish Engulfing with Stop Loss at previous candle low , Profit Target = RR x Stop Loss

// Position size:----------------------------------------

- The position size can be fixed or automatically calculated by the EA based on the stop loss for each trade and the risk percentage of the account's available margin.

//Trading time:--------------------------------------------------------

- EA has trading time filter (start time to end time inclusive)

- Time filter is only used for opening trades. The position closing is based on stop loss or take profit that may occur at any time.

- The time used is broker time

- I found better results during the European session GMT 6 to GMT 16, so for example my broker time is GMT+3, my timing filter would be 9 to 19...etc.

// Constraints:------------------------------------------------

- Each pair of /tf can only have one position at a time

- Only one trade can be made on the same candle

Example chart: EUR/USD H1, (n) candles set to 3, RR set to 2



Test report: EUR/USD H1 - 2015(n) candles set to 2, RR set to 5



Enhancement Requests;

1. Kohones: Option to close all positions with profit target "x" (currency / equity %)
2. Arborquak: Minimum SL, Maximum SL, TS, Minimum engulfment range
3. Mathematical Trader 7: Break-Even Options. , there are no trades on the same bar where the last trade was closed.
4. Varthaman: Retrace input %