Engulfing Pattern Indicator with Volume Confirmation - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

This indicator identifies bullish and bearish engulfing candlestick patterns on the chart and optionally confirms them with volume. When the volume of the current candle exceeds the volume of the previous candle, the pattern is considered stronger and more reliable. The user can choose whether to apply this volume confirmation filter.

External input:

BullishArrowColor: The color of the arrow marking the bullish engulfing pattern.

BearishArrowColor: The color of the arrow marking the bearish engulfing pattern.

UseVolumeFilter: Enable or disable volume confirmation.

How to interpret:
An upward arrow below the candle indicates a bullish engulfing pattern, and a downward arrow above the candle indicates a bearish engulfing pattern. When volume confirmation is enabled, only engulfing patterns with increasing volume are displayed.

Attachment download

📎 volume_engulfing_preview.png (35.61 KB)

📎 volumeengulfingpattern.mq5 (11.65 KB)

Source: MQL5 #59733