Introduction to the JF Engulfing Candle Indicator
The JF Engulfing Candle Indicator is an accurate tool for spotting engulfing patterns on charts. Very often, when an engulfing candle appears, it is a sign of a trend reversal, which you can take advantage of. The gauge displays buy/sell arrows when a signal happens.
The JF Engulfing Candle Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
Closer look on the JF Engulfing Candle Indicator
As the name suggests, an engulfing pattern takes place when one candle completely covers the previous candle. You can detect these patterns manually, or you can have an automatic tool that does the job for you. Here comes in handy the JF Engulfing indicator for MetaTrader 5. That pattern can occur both in the direction of a general trend (trade with the trend) or against it (reversal trade).
Check charts of the JF Engulfing Candle Indicator in action.
These are available settings.
How to set up the JF Engulfing Candle indicator in MetaTrader (MT5)?
Download the JF Engulfing Candle.rar archive at the bottom of this post, unpack it, then copy and paste the JF Engulfing Candle.ex5 or JF Engulfing Candle.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
Summary Of That Forex Indicator
The JF Engulfing Candle indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex indicators to try.
Download Free Forex MT5 JF Engulfing Candle Indicator
To download the JF Engulfing Candle Indicator for Metatrader 5 (MT5) for free just click the button below: