Extremely Reversal Signals marks exhaustion reversals on MT4 and MT5, and the thing that makes it usable is not the reversal test. It's the staircase the reversals are filtered against.
A bar that clears everything behind it
The reversal candidate is a thrust. At each bar the tool counts how many of the previous eleven bars the current close has cleared: above their highs for a bearish candidate, below their lows for a bullish one.
The candidate only forms when the count is all eleven. Not most of them. A close that finishes above every high of the last eleven bars is a bar that went somewhere, and that is the entire entry condition for becoming a candidate.
Then the tool records that bar's own high and low and starts a counter.
And then closes back through itself
A candidate is not a signal. Within Confirm Within bars, four by default, price has to close back through the candidate bar's own extreme. For a bearish candidate that means a close below the thrust bar's low.
If instead price closes above the thrust bar's high, the candidate is cancelled outright. The thrust continued, so there was no exhaustion.
So the shape being detected is: one bar that clears everything behind it, followed almost immediately by a close back through its own base. Fast, and self-cancelling if the move was real.
The stepped average is the reason to buy it
Here's the part I'd install it for.
The trend filter is not a moving average. It's a ratchet built on top of one, and it behaves in a way an ordinary average never does.
While the ratchet is pointing up it will only ever move up, it takes the higher of its current value and the underlying average, and it only allows itself to move at all once MA Step Period bars have passed since it last moved. Thirty-three by default. Between steps it holds one price exactly.
It flips direction when price closes through it, and at that moment it resets to the underlying average and starts ratcheting the other way.
Look at the gold chart above. Long horizontal runs at a single price, then a step, then another long run. That's a level you can actually reference, because it was the same number two days ago and it will be the same number tomorrow unless something changes. A 50-period average recomputed every bar gives you a different number every bar and nothing to lean on.
A bearish signal is only allowed above the staircase, and a bullish one only below it. You are selling exhaustion into strength and buying it into weakness, and the filter is what stops the tool firing every reversal in a trend that isn't turning.
Five averages under the ratchet
MA type picks what the ratchet tracks: SMA, EMA, WMA, RMA or VWMA. The default is a 50-period SMA.
VWMA is the one worth trying if your broker publishes real volume, because it moves the underlying average toward the prices that actually traded. On tick-volume symbols it still works, it just weights by activity rather than turnover.
Use Tick_Volume Confirmation adds a second gate, off by default: the signal bar's volume has to beat its own 20-bar average. It cuts the count noticeably and it cuts quiet-session signals hardest, which is usually what you want and occasionally throws away the one that mattered.
| Ordinary reversal indicator | This | |
|---|---|---|
| What makes a candidate | A pattern or an oscillator level | A close clearing all eleven bars behind it |
| Confirmation | Often none | A close back through the thrust bar's own extreme, within four bars |
| If the move continues | Signal stands | Candidate is cancelled |
| Trend filter | A moving average, recomputed every bar | A ratchet that holds one price for at least 33 bars |
| Wrong side of the filter | Still drawn | Not drawn at all |
What it publishes
Two plotted line buffers carrying the staircase, split by direction, plus a third internal buffer holding volume. iCustom gets you the staircase and which way it's pointing, which is enough to rebuild the trend filter inside an EA.
The arrows are chart objects and aren't readable that way.
Alerts
Two switches. Alert confirm signal is on and fires when a signal is confirmed. Alert fast signal is off and fires earlier in the sequence.
Both are gated behind Notification type, which ships as none, so nothing reaches you until you pick a channel: terminal, email, push or Telegram. The Telegram fields ship with placeholder values rather than blanks, so replace them rather than assuming an empty field means unset.
Where it's weak
MA Step Period is measured in elapsed time, not bars. The check is a timestamp difference multiplied by the timeframe's seconds. Across a weekend or a session break, enough wall-clock time passes that the step is allowed early, so the staircase can move after far fewer than 33 actual bars. On a 24-hour symbol it behaves as documented.
The candidate test is close-based and absolute. A bar that clears ten of eleven does nothing. There's no partial credit and no tolerance, so a single stubborn bar in the lookback window suppresses candidates that look identical to the eye.
The confirmation window is short. Four bars. A reversal that needed five is discarded and never drawn.
Nothing scales with volatility. No ATR anywhere. The eleven-bar clearance and the four-bar window mean very different things on M5 and D1, and the only thing you can tune is the bar counts.
One state per direction. The tool tracks a single live candidate for bullish and one for bearish. A second thrust while one is pending replaces it.
The staircase is not support. It's a filter. It holds a flat price because it's forbidden from moving, not because anything happened at that price, and treating it as a level to trade against is reading it backwards.
Questions you'll have
Does Extremely Reversal Signals repaint? No. Everything is evaluated on closed bars behind a new-bar check and arrows stay on the bar that confirmed. The staircase only changes when it steps or flips, and past steps are not rewritten.
Why does the average sit flat for so long? Because that's the design. It is only permitted to move once MA Step Period bars have passed, and then only in the direction it's already pointing. It flips when price closes through it.
Why do I get no signal on an obvious reversal? Most often the trend filter. A sell is only drawn above the staircase and a buy only below it. The second most common reason is the clearance test: the bar has to close past all eleven bars behind it.
What does Confirm Within do? It's how many bars the thrust has to close back through its own extreme in. Four by default. Miss the window and the candidate is dropped.
Why did a candidate disappear without a signal? Price closed beyond the thrust bar's high, for a bearish candidate, so the move continued and the setup was cancelled.
Should I turn on volume confirmation? Try it on a symbol with real volume. On FX it uses tick volume, which measures activity rather than turnover, and it mostly removes quiet-session signals.
Can an EA read it? Partly. The staircase is in plotted buffers so iCustom gets the level and the direction. The arrows are chart objects; use the alerts for those.
Why am I not getting alerts? Notification type ships as none. Set a channel, and replace the placeholder Telegram values if you use that route.
Best timeframe? H1 and H4. On M5 the eleven-bar clearance happens on noise, and the 33-bar step is under three hours.
MT4? Both platforms are included, one download each. Same clearance test, same staircase, same two alerts.
Support
Send me a message with a screenshot, the symbol and the timeframe, and I'll tell you what the tool was doing on that bar.
Analysis tool. It places no trades and makes no profitability claim. Past price behaviour is not a guide to future price behaviour.