Rsi Engulfing Bar V2 – indicator MetaTrader 5

  1. RSI Condition:
    The Relative Strength Index (RSI) for the current period is below a specified low threshold (RsiLow). This indicates oversold conditions.
  2. Candlestick Pattern:
    It checks for a specific candlestick pattern across three consecutive candles:
    • The current candle (1) closes higher than it opens (bullish)
    • The previous candle (2) closes lower than it opens (bearish)
    • The current candle’s close is below the high of the previous candle
  3. Price Action:
    The alert also checks that the current candle’s close is above the open of the previous candle, suggesting a potential reversal.
  4. Buy Signal:
    If all conditions are met, the alert generates a “Buy” signal with an up arrow at the low of the current candle.

Rsi Levels 30 – 70 – PLEASE ADD RSI with PERIOD 10 / LVLS 30/70 –  When a engulfing bar occurs below or above the rsi values the alert is triggered –

Alternative:   X-bars Fractals - indicator MetaTrader 5

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