Engulfing and MFI EA

Image_MFI
Bullish Engulfing and MFI indicator

Since MT5 allows you to create EAs that already come with the client terminal and using the trading signals of your choosing, let’s look at a trading combination proven to bring solid results and big gaining from FX monitoring.

You will find such a combination already tested, for your convenience: bullish/bearish engulfing, combined with MFI. So this is a candlestick reversal pattern, linked to Market Facilitation Index.

How does Engulfing and MFI Expert advisor work?

First of all, the bullish engulfing reversal acknowledges a pattern when a large white candlestick engulfs a little white candlestick from the day before in the downturn. In its turn, the bearish acknowledges a pattern when the same previous situation occurs in the uptrend.

Short/long positions

Then, MFI confirms the signals for open short or long positions. For that, the level of MFI has to be bigger than 60, for short, and smaller than 40, for long. As usual, for this indicator to confirm closing a position it has to reach critical levels: 30 for short, and 70 for long or the reverse signal must not be confirmed.

Bullish Engulfing and MFI ea will, therefore open long and close short when the indicator confirms the bullish pattern (MFI below 40) and, respectively, if MFI crosses upward critical level.

The other way around, the open short close long occurs when Bearish Engulfing is confirmed by MFI that is above 60, and, respectively, MFI crosses upward the 70 or 30 levels.

Bullish and Bearish Engulfing trading advisor is easy to set up by just following the steps in the MQL5 Wizard for EA generators. The tests show results above 3000%, in various periods of time. Compile it, test it and once you get the results you desire, put it at work.

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