Engulfing Zones MT5

Description

The Engulfing Zones MT5 indicator is a sophisticated, non-repainting tool designed to automatically detect, highlight, and track the most significant Engulfing Candle Patterns (EG) and, crucially, Engulfing Failures (EF) on your chart.

Developed by Coders Guru (XPWORX), this indicator goes beyond simple pattern recognition by drawing persistent, dynamic support and resistance zones based on these high-probability candlestick events. Identify institutional supply and demand with crystal-clear visual zones that remain on your chart until they are broken, giving you a powerful, multi-timeframe perspective on key market turning points.

Key Features & Trading Benefits

Dual Pattern Recognition: EG & EF

The indicator identifies two of the most critical price action events:

• Engulfing Zones (EG): Standard bullish and bearish engulfing patterns, signaling a potential reversal and creating a strong Demand (Bullish) or Supply (Bearish) zone.

• Engulfing Fail Zones (EF): Also known as mitigation blocks or areas where a pattern failed to follow through, often trapping weak hands. These failures signal even stronger price areas where the market is likely to reverse or consolidate before a major move.

Dynamic Multi-Timeframe Zones

• Independent Timeframe Analysis: You can set the indicator to calculate patterns on a different timeframe than the chart you are viewing (e.g., detect H4 zones while trading on M15).

• Persistent & Visual Zones: Automatically plots zones as customizable, high-visibility rectangles. These zones remain on the chart as clear levels of support or resistance for future trading decisions.

• Bullish and Bearish Identification: Clearly separates and colors Bullish EG/EF Zones (Green/Blue) and Bearish EG/EF Zones (Red/Magenta).

Full Customization

Tailor the indicator's detection logic to your trading style:

• Engulfing Type Selection: Choose between Body Engulfing, Wick Engulfing, or Full Engulfing (Body + Wicks) to fine-tune the strictness of pattern detection.

• Control Visibility: Toggle to show/hide the arrow signals , the colored zones , and the descriptive labels for a clean chart setup.

• Recent Zone Filter: Focus on high-relevance areas by displaying only the most recent 'N' zones .

• Color Control: Full control over the colors for all four zone types and labels .

Perfect For

• Supply and Demand Traders: Visualize the exact zones where institutional activity likely occurred.

• Price Action Specialists: Enhance your chart analysis with precise detection of key reversal and continuation patterns.

• Swing and Day Traders: Identify high-probability entries and exits at key structural points.

Technical Details

• Platform: MetaTrader 4 (MT4)

• Version: 1.0 (Last Modified: 2025.10.13)

• Developer: Coders Guru (XPWORX)

• Non-Repainting: Signals and zones are final upon bar close.

? Stop guessing and start seeing the market's true structure. Add the Engulfing Zones MT5 indicator to your toolkit today!