OPEN-SOURCE SCRIPT

Special Engulfing Bars

Explanation of the Code:

Bullish Engulfing:
low <= low[1]: The low of the current candle is lower than or equal to the low of the previous candle.
close >= close[1]: The close of the current candle is higher than or equal to the close of the previous candle.
close > open: The current candle is bullish.
open[1] > close[1]: The previous candle is bearish.

Bearish Engulfing:
high >= high[1]: The high of the current candle is higher than or equal to the high of the previous candle.
close <= close[1]: The close of the current candle is lower than or equal to the close of the previous candle.
close < open: The current candle is bearish.
open[1] < close[1]: The previous candle is bullish.

Plot shape: Displays a signal on the chart when a bullish engulfing pattern (green color) or a bearish engulfing pattern (red color) is detected.

Alert condition: Sets an alert to send a notification when a bullish or bearish engulfing pattern is detected.

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