Follow The Bear Scanner v2FTB Scanner v1.4 - EURUSD & GBPUSD ATR SL
This indicator is a rule-based scanner designed to identify potential Follow The Bear (FTB) short setups on EUR/USD and GBP/USD using a strict, binary logic.
The script does not provide discretionary interpretation, scoring, or trade recommendations. It only highlights a potential setup when all predefined conditions are met.
Purpose
The objective of this scanner is to identify potential short setup candidates on the H1 timeframe, during specific UTC/London session candle closes, based on:
* predefined signal candle structure
* pair-specific EMA context
* London closing time filter
* ATR-based stop loss calculation
* predefined entry level
The indicator is intended as a setup detection tool, not as an automated trading system.
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Supported Markets
The script is designed only for:
* EUR/USD
* GBP/USD
If applied to any other instrument, the script will not generate valid signals.
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Required Timeframe
The script is designed to work on:
* 1H / H1 timeframe only
If applied to another timeframe, the status table will indicate that the correct timeframe is not being used.
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Time Filter
The script uses the candle closing time in:
* Europe/London timezone
This automatically adjusts between GMT and British Summer Time.
By default, the scanner only allows signals on H1 candles closing at:
* 07:00 London time
* 08:00 London time
* 10:00 London time
* 11:00 London time
The candle closing at 09:00 London time is disabled by default (my backtesting doesn't support the 9am candle), but can be enabled from the script inputs if desired.
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Signal Candle Logic
The FTB signal candle is defined using a simple binary rule:
A valid signal candle must:
* have a valid range
* open in the lower half of its own candle range
* close in the lower half of its own candle range
No quality scoring is applied. The condition is either valid or not valid.
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Pair-Specific Context Rules
EUR/USD Rule
A valid EUR/USD setup requires:
* close below EMA 50
* close below EMA 200
* EMA 50 below EMA 200
This means EUR/USD must be in a clearly bearish EMA context.
GBP/USD Rule
A valid GBP/USD setup requires:
* close between EMA 50 and EMA 200
No EMA alignment condition is required for GBP/USD.
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Entry and Stop Loss Logic
When a valid setup is detected, the script calculates:
Entry
* Entry = signal candle low - 1 pip
Stop Loss
* Stop Loss = signal candle high + ATR
The ATR period is configurable and set to 14 by default.
Risk
The script also displays the estimated risk in pips:
* Risk pips = distance between entry and ATR stop loss
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Visual Output
When a valid setup is detected, the script displays:
* a red triangle marker above the signal candle
* a label with:
* pair
* timeframe
* London closing hour
* entry level
* ATR stop loss level
* ATR value
* estimated risk in pips
* pair-specific rule applied
* optional entry and stop loss visual levels
* EMA 50 and EMA 200, if enabled
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Alert Functionality
The script includes an alert condition:
* FTB SELL Candidate
Recommended alert frequency:
* Once Per Bar Close
This ensures that alerts are triggered only after the H1 candle has closed.
Alert message:
FTB SELL Candidate detected on {{ticker}} H1. Review required. Entry = signal low - 1 pip. SL = signal high + ATR.
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Status Table
The script includes a small status table showing:
* whether the current pair is supported
* whether the timeframe is H1
* whether the candle is closing during an allowed London time window
* the current London candle close hour
This helps confirm whether the script is being used under the correct conditions.
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Important Notes
This script is a scanner, not a trade execution system.
A signal should be treated only as a candidate for manual review. Before placing any trade, the user should independently assess:
* market structure
* support and resistance
* higher timeframe context
* volatility
* news risk
* spread and liquidity
* risk-to-reward ratio
* personal risk management rules
The script does not guarantee profitable trades and should not be used as standalone financial advice.
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Summary of Setup Logic
A signal is generated only when all required conditions are met:
For EUR/USD
* pair is EUR/USD
* timeframe is H1
* candle closes during an allowed London hour
* candle opens and closes in the lower half of its range
* close is below EMA 50
* close is below EMA 200
* EMA 50 is below EMA 200
For GBP/USD
* pair is GBP/USD
* timeframe is H1
* candle closes during an allowed London hour
* candle opens and closes in the lower half of its range
* close is between EMA 50 and EMA 200
If any required condition is missing, no signal is generated.
Indicator
