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Bearish Engulfing Candlestick Pattern for Metastock
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Tags:
metastock, candlestick, pattern
A bearish engulfing pattern is a candlestick chart pattern that consists of a small white candlestick with short shadows or tails followed by a large black candlestick that eclipses or “engulfs” the small white one. As implied by its name, a bearish engulfing pattern may provide an indication of a future bearish trend.
Indicator / Formula
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If(Ref(OPEN,-1)<Ref(C,-1), If(OPEN-C>(Mov(Abs(OPEN-C),10,S)), If(C<Ref(OPEN,-1), If(Ref(Abs((OPEN+C)/2),-1)>Ref(Mov(C,10,E),-1), If(OPEN>Ref(C,-1),-1,0),0),0),0),0)
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