MQL5 indicator that shows Three Line Strike candle patterns
Not a financial advice. Trade at your own risk. Author is not reponsible for the correctness of the indicator.
Inputs:
- Engulfing Range Tolerance Open % (default = 0) - sets the % increase/decrease of the engulfing ability of the candle toward the Open direction;
- Engulfing Range Tolerance Close % (default = 30) - sets the % increase/decrease of the engulfing ability of the candle toward the Open direction;
- Strict mode (default = false) - if false allows both bearish and bullish candles to be engulfed; if true allows only either bullish or bearish candles to be engulfed.
It is believed that if the signal appears in a direction of the main trend, this signals about the end of the pull back and trend continuation.