This indicator detects contrarian inflection points and potential market reversals by combining sentiment, volume, and price action metrics directly on the price chart. It evaluates overbought and oversold conditions with the RSI and Stochastic oscillators, hi
Indicator · Pine Script v5 · On the chart
V16 Trend Exhaustion Catcher
A counter-trend indicator that complements a trend-following sibling.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code558
Settings30inputs
LicenceNone stated
Last update7 months ago13 Mar 2026
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
V16 Trend Exhaustion Catcher looks for fading trends in two ways: four-hour EMAs narrowing together followed by a counter-cross on one hour, or RSI divergence on four hours with a rejection candle. A signal offset can delay entries, volume spikes can be required, and ATR stops, targets, breakeven and trailing rules apply. Exits include trend re-strengthening and a time limit, with a convergence zone background.
- EMA convergence entries
- Four-hour RSI divergence with rejection candle
- Adjustable signal delay
- ATR stop with breakeven and trailing
- Convergence zone shading
Details
Published by
snoozie-v on GitHub
Type
Indicator, Pine Script v5
Draws
On the price chart
Category
Mean reversion, Divergence, Oscillators & momentum
Markets
Crypto
Timeframes
M15-H1
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| 4H EMA Fast | int | 9 | ema_fast_4h_len |
| 4H EMA Slow | int | 21 | ema_slow_4h_len |
| Trend Deadzone % | float | 0.1 | deadzone_pct |
| 1H EMA Fast | int | 9 | ema_fast_1h_len |
| 1H EMA Slow | int | 21 | ema_slow_1h_len |
| Min Convergence Bars | int | 3 | min_conv_bars |
| Max Gap % for Entry | float | 0.8 | max_gap_pct |
| 4H RSI Period | int | 14 | rsi_period_4h |
| Divergence Lookback Bars | int | 5 | div_lookback |
| Rejection Wick Ratio | float | 0.6 | wick_ratio |
| Volume SMA Length | int | 20 | vol_sma_len |
| Volume Spike Multiplier | float | 1.0 | vol_spike_mult |
Show all 30 settings
| Setting | Type | Default | Variable |
|---|---|---|---|
| ATR Length | int | 14 | atr_len |
| Stop Loss Multiplier | float | 2.0 | stop_mult |
| Take Profit Multiplier | float | 2.5 | tp_mult |
| 1R Multiplier (Breakeven Trigger) | float | 1.0 | tp_mult_1r |
| 2R Multiplier (Trailing Trigger) | float | 2.0 | tp_mult_2r |
| Signal Offset (bars delay) | int | 2 | signal_offset |
| Trend Strengthen Exit % | float | 10.0 | trend_str_exit_pct |
| Max Hold Bars (1H) | int | 36 | max_hold_bars |
| Cooldown Bars (1H) | int | 6 | cooldown_bars |
| Enable Breakeven at +1R | bool | true | use_breakeven |
| Enable Trailing at +2R | bool | true | use_trailing |
| Show TP/SL Lines | bool | true | show_tp_sl_lines |
| Show Trade Plan Labels | bool | true | show_trade_labels |
| Show Dynamic SL Line | bool | true | show_dynamic_sl |
| Show R-Level Labels | bool | true | show_partial_labels |
| Show Convergence Zone Background | bool | true | show_conv_zone |
| Account Equity ($) | float | 10000 | account_equity |
| Daily Loss Limit | int | 3 | daily_loss_limit |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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