engulfing stochastic
Info
The engulfing stochastic is a Indicator for MetaTrader 5 that we have all seen a currency pair enter the overbought or oversold territory and stay there for long periods of time. what this indicator does is gives you the emphasis.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use engulfing stochastic
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
we have all seen a currency pair enter the overbought or oversold territory and stay there for long periods of time.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: stochastic multi-timeframe indicator - another powerful indicator for MetaTrader 5 traders.
we have all seen a currency pair enter the overbought or oversold territory and stay there for long periods of time. what this indicator does is gives you the emphasis. so if you are looking for reversals then you may want to take notice when oversold territory is entered into with a bullish engulfing candle or if the trend is your thing then check for bearish engulfing candles while entering oversold.
Also recommended: stochastic oscillator indicator for metatrader 5 - similar indicator with strong performance on MetaTrader 5.
this indicator will show a downward arrow when it detects a bearish engulfing candle while crossing over an overbought or oversold line. it will show an upward arrow if it detects a bullish candle while crossing the overbought or oversold line. a cross of the overbought or oversold line is made when the signal line of the stochastic crosses the line. if in the case of an overbought cross the signal line of stochastic was below the overbought and then crosses above it that is a valid cross, crosses in the other direction are ignored. it is similar, but opposite, for the oversold, the signal line must cross from above to below the oversold level.interesting inputs:
oversold level for defining the oversold level
overbought level for defining overbought
symbol enter a symbol name here if you don't want to use the symbol that the chart is attached to.
the timeframe is used to select periods that are possibly different from the one that the chart is attached to base the indicator on.
more info on blog post at
You may also like: channel and stochastic oscillator - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property indicator_separate_window
#property indicator_buffers 6
#property indicator_plots 6
#property indicator_label1 "stochastic"
#property indicator_type1 draw_line
#property indicator_color1 clrlightseagreen .......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.