Bullish Engulfing Candlestick Pattern for Metastock
A bullish engulfing pattern is a chart pattern that forms when a small black candlestick is followed by a large white candlestick that completely eclipses or “engulfs” the previous day’s candlestick. The shadows or tails of the small candlestick are short, which enables the body of the large candlestick to cover the entire candlestick from the previous day.
Indicator / Formula
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If(Ref(OPEN,-1)>Ref(C,-1),
If(C-OPEN>(Mov(Abs(OPEN-C),10,S)),
If(C>Ref(OPEN,-1),
If(Ref(Abs((OPEN+C)/2),-1)<Ref(Mov(C,10,E),-1),
If(OPEN<Ref(C,-1),1,0),0),0),0),0)0 comments
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