Engulfing Line Bear

 

This formation consists of two candlesticks. The first candlestick is white the second is black. The second candlestick's open is higher than the first but then closes below the first's open. The real body of the second candlestick engulfs that of the first. This indicates the bulls to force the market higher but failed.

Parameters:

BarsBack BarsBack must be greater than MinBars.
The candlestick formation will be scanned this many bars back in the timeframe MinBars 1(Fixed).
The value of MinBars will be one less than the number of bars in the candlestick formation.

Arguments:

None

Output Indicators:

Detected

If the candlestick formation is detected within the last BarsBack bars, then Detected returns a 1. Otherwise Detected has a value of 0.

Example:

Study Name Expanded in a 3 minute timeframe:

I3_EngulfingLineBear(10,1)_I3

This study detects an EngulfingLineBear in the last 10 bars of the 3 minute time frame. It returns a 1 if the formation is detected , 0 otherwise.

The output indicators names are appended to the studyname, that is if the studyname is sn1 then the outputindicator is

sn1::Detected

 

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