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AlchemyBullEngulfmnt (Function)

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

AlchemyBullEngulfmnt (PrevC, CurrO, CurrC)

Parameters

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

Returns

If the criteria of a bullish engulfment bar is met, the AlchemyBullEngulfmnt function returns 1, otherwise a -1 will be returned

Usage

The Bullish 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 bearish direction of the current trend and the second candlestick indicates a bullish trend reversal.

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