Linda's Coil - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources
The indicator Linda's Coil offers several ways to search for "engulfing" candlesticks (price action).
It has three input parameters:
The indicator compares the current candlestick with the previous candlestick (type "Previous") or the first candlestick (type "First") within the search range (period).
The indicator places a mark on the price chart if the current candlestick is less than (method engulfed) or less than or equal to (engulfed or equal to) the previous candlestick (i.e. it is engulfed by the previous candlestick).
Figure 1. Comparison with previous candlesticks
Figure 2. Comparison with the first candlestick in the range
Attachment download
📎lindas_coil.mq5 (7.98 KB)
Source: MQL5 #20802
Linda's Coil - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resource Usage and Screening Suggestions
Linda's Coil - MetaTrader 5 Script | Foreign Exchange Indicator Download - MT4/MT5 resources are foreign exchange indicator related resources. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based only on titles or short-term profit descriptions.
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