Indicator Description

 

The Next-Gen Engulfing Retracement indicator focuses on detecting areas where institutional traders could place their orders, based on candlestick engulfments and reversals. By analyzing these engulfments, it provides retracement levels that help traders to better identify key entry and exit points. The indicator uses four exponential moving averages to detect volatility and validate if an engulfment is significant. This tool is designed for advanced traders familiar with candlestick patterns and OrderBlock analysis.

 

Next-Gen Engulfing Retracement in action on a selected financial instrument.

Screenshot from the Next-Gen Engulfing Retracement Settings menu.

    Complete list of features included in this indicator:

  • Engulfing Retracement and Labels: Automatically detects bullish and bearish engulfment retracement zones.
  • Strong Engulfing Retracement: Detects stronger signals based on more stringent engulfment criteria.
  • Extend Lines Option: Option to extend retracement lines to track their impact on current trends.
  • Labels with Price: Engulfing and retracement labels display key price levels directly on the chart.
  • Wick/Zone Line Type: Offers options for visualizing engulfment zones using wicks or full candle ranges.

All options come with default settings that can be customized based on the specific market instrument you are analyzing. You can also configure alerts to be notified whenever a new signal is generated by the indicator. The alerts use the “Any Alert() Function Call” option. Simply activate or deactivate the options you want to include in your alerts before setting them up.

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