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AlchemyBearEngulfmnt (Function)

AlchemyBearEngulfmnt identifies a bearish engulfment bar. If the criteria of a bearish engulfment bar is met, the AlchemyBearEngulfmnt function returns 1, otherwise a -1 will be returned.

AlchemyBearEngulfmnt (PrevC, CurrO, CurrC)

Parameters

PrevC	Specifies the amount by which the previous close needs to be higher from the previous open
CurrO	Specifies the amount by which the current open needs to be higher from the previous close.
CurrC	Specifies the amount by which the current close needs to be smaller from the previous open.

Returns

If the criteria of a bearish engulfment bar is met, the AlchemyBearEngulfmnt function returns 1, otherwise a -1 will be returned.

Usage

The Bearish Engulfing Pattern is a Japanese Candlestick pattern consisting of two candlesticks with opposite real bodies, where the second candlestick's real body completely engulfs the first candlestick's real body. The first candlestick usually indicates a bullish direction of the current trend and the second candlestick indicates a bearish trend reversal.

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