JohnL33 wrote: Sun Jul 06, 2025 4:01 pm A! Extreme_Pullback

1. High-Level Summary
Name: A! Extreme_Pullback.mq4
Type: MT4 Indicator
Function: It is a scanner and dashboard. It does not draw continuous lines like a moving average. Instead, it scans multiple currency pairs and timeframes for a specific trading signal and displays the results as a text list on your chart. It can also provide pop-up alerts and draw arrows for confirmed signals.
Core Strategy: The indicator looks for pullbacks to Bollinger Bands in an established trend, which is defined by a long-term Exponential Moving Average (EMA).
2. The Core Trading Strategy
The indicator's logic is divided into a Setup condition and optional Confirmation conditions.
Setup Condition (Checked on the most recently closed candle, bar 1)
The indicator first identifies a potential setup on the candle that has just finished forming.

Buy Setup:
The long-term trend is considered UP. This is determined by the price being above the EMA_Period (e.g., 200 EMA). The specific check is ema_value_1 < low_1, meaning the entire candle is above the EMA.
There is a sharp pullback. This is identified when the low of the candle (low_1) touches or breaks below the lower Bollinger Band (bb_lower_1).
In short: The market is in an uptrend, but the price has pulled back aggressively to an extreme level (the lower band).

Sell Setup:
The long-term trend is considered DOWN. This is determined by the price being below the EMA_Period. The specific check is ema_value_1 > high_1, meaning the entire candle is below the EMA.
There is a sharp pullback (rally). This is identified when the high of the candle (high_1) touches or breaks above the upper Bollinger Band (bb_upper_1).
In short: The market is in a downtrend, but the price has rallied aggressively to an extreme level (the upper band).
Confirmation Conditions (Optional, checked on the current forming candle, bar 0)
If a setup is found, the indicator can optionally wait for further confirmation before generating a signal.

RSI Filter (Require_RSI_Filter):
For a Buy signal, the RSI on the setup candle must be in the "Oversold" zone (e.g., below 30).
For a Sell signal, the RSI on the setup candle must be in the "Overbought" zone (e.g., above 70).

Candle Confirmation (Require_Candle_Confirmation):
This is a crucial detail: this confirmation is checked on the current, live candle (shift = 0).
For a Buy signal, the current candle must form a Bullish Pin Bar (also known as a Hammer), indicating buying pressure is returning.
For a Sell signal, the current candle must form a Bearish Pin Bar (also known as a Shooting Star), indicating selling pressure is returning.
A signal is only displayed/alerted when the Setup is valid AND all enabled Confirmation conditions are met.