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Engulfing Zone Finder (Box) by vinafx

Engulfing Zone (EG) Finder is an overlay indicator that automatically detects and draws boxes for two types of momentum-based price action patterns: Engulfing Zones and Outside Bar Zones.

[h2]🔷 Engulfing Zone (EG)[/h2]

An Engulfing Zone forms when a sequence of candles results in a breakout candle (BO) that closes beyond the high or low of an origin candle. Unlike the traditional 2-candle engulfing pattern, this indicator allows intermediate candles between the origin and the breakout candle, capturing a broader range of momentum shifts.

Bullish Engulfing Zone

The origin candle is a bearish candle.
A subsequent bullish candle closes above the high of the origin candle — this is the breakout (BO) candle.
A box is drawn from the origin candle to the BO candle, with the top and bottom set to the high and low of the origin candle.
The box is drawn with a green border by default.

Bearish Engulfing Zone

The origin candle is a bullish candle.
A subsequent bearish candle closes below the low of the origin candle — this is the breakout (BO) candle.
A box is drawn from the origin candle to the BO candle, with the top and bottom set to the high and low of the origin candle.
The box is drawn with a red border by default.

Smart filtering logic built in:

Origin Shift: If a new candle of the same type sweeps the wick of the current origin candle, it automatically replaces the origin. For example, if a new bearish candle has a higher high than the existing bearish origin, the new candle becomes the origin.
Opposite Break Invalidation: If price closes beyond the opposite side of the origin candle before a valid breakout occurs, the origin is discarded.
Nested Zone Filtering: If a smaller EG zone exists inside a larger one (same type), the indicator keeps the smaller zone and removes the larger one, reducing visual clutter.
Max Candle Duration: A configurable limit (default: 5) controls the maximum total number of candles from origin to BO (inclusive). This prevents excessively long zones.

[h2]🔶 Outside Bar Zone (OB)[/h2]

An Outside Bar Zone is a 2-candle pattern where the second candle completely engulfs the first candle's range (higher high AND lower low), and both candles share the same direction.

Bullish Outside Bar Zone

Two consecutive bullish candles.
The second candle has a higher high and a lower low than the first.
The second candle's close is above the high of the first candle.
A box is drawn covering the first candle, with a green border by default.

Bearish Outside Bar Zone

Two consecutive bearish candles.
The second candle has a higher high and a lower low than the first.
The second candle's close is below the low of the first candle.
A box is drawn covering the first candle, with a red border by default.

[h2]⚙️ Settings[/h2]

Engulfing Zone Settings (Bullish / Bearish)

Show/Hide: Toggle visibility for each zone type independently.
Border Color: Customize the box border color.
Background Color: Customize the box fill color and transparency.

Outside Bar Zone Settings

Show/Hide: Toggle visibility for Bullish and Bearish OB Zones independently.
Border Color / Background Color: Fully customizable for each type.

Performance & Limits

Max Total Candles (Origin to BO): Controls how many candles (including origin and BO) are allowed to form an EG zone. Default is 5. Set to 0 for no limit.
Max Pending Origin Candles: Limits the number of origin candles tracked simultaneously. Default is 100.
Max Total Boxes Displayed: Limits the total number of boxes drawn on the chart across all zone types. The quota is shared flexibly — if one type produces fewer boxes, the remaining capacity is available for other types. Default is 200. TradingView maximum is 500.

[h2]📝 Notes[/h2]

This indicator is an overlay and draws directly on the price chart.
It works on all timeframes and all instruments (stocks, forex, crypto, futures, etc.).
Doji candles (where close equals open) are included in the detection logic. A Doji is treated as both bearish and bullish, so it can serve as an origin candle, a breakout candle, or part of an Outside Bar pattern.
The indicator uses open-source Pine Script v5. No external data requests or repainting techniques are used.

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