OPEN-SOURCE SCRIPT
Follow The Bear Scanner v2
FTB 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.
⸻
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.
⸻
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.
⸻
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.
⸻
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.
⸻
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.
⸻
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
⸻
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
⸻
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.
⸻
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.
⸻
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.
⸻
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.
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.
⸻
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.
⸻
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.
⸻
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.
⸻
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.
⸻
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.
⸻
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
⸻
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
⸻
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.
⸻
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.
⸻
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.
⸻
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.
Skrip sumber terbuka
Dalam semangat TradingView sebenar, pencipta skrip ini telah menjadikannya sumber terbuka, jadi pedagang boleh menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupuan anda boleh menggunakan secara percuma, ingat bahawa penerbitan semula kod ini tertakluk kepada Peraturan Dalaman.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Skrip sumber terbuka
Dalam semangat TradingView sebenar, pencipta skrip ini telah menjadikannya sumber terbuka, jadi pedagang boleh menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupuan anda boleh menggunakan secara percuma, ingat bahawa penerbitan semula kod ini tertakluk kepada Peraturan Dalaman.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.