The Pull Back indicator MT5 shows the pull back arrows using the RSI (Relative Strength Index) to identify suitable pull-back entry areas within the overbought and oversold zones. 

Inputs.

The Pullback Arrows

The Pullback indicator show the green and red Up and Down arrows.

A green arrow indicates a high probability of upcoming pullback after a bullish retracement.

A red arrow indicates a high probability of upcoming pullback after a bearish retracement.

For instance, if you are trading the EUR/GBP currency pair on a 4-hour timeframe. 

If the Pullback indicator shows a green or red arrow, the chances of the retracement ending are high.

This indicator is a boon for swing traders and position traders who operate on hourly, daily, weekly, and monthly time frames.

Features 

Pullback RSI Values

You can customize the RSI values to adjust the pullback detection according to a particular instrument and timeframe.

Applicable to Both Long and Short Trades

This indicator can be used for both long and short trades. 

It can help identify when an uptrend is likely to continue (for long trades) or when a downtrend is likely to resume (for short trades).

Trend Direction Identification

The trend direction identification feature works by analyzing the retracement values in relation to the overall market movement.

Versatility

The indicator can be used on any instrument your trading platform offers, including FX pairs, Gold, Silver, Indices, Futures, Stocks, etc. 

This makes it a versatile tool for various trading scenarios. On All Timeframes