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This indicator is based on the RSI (Relative Strength Index) to identify potential Breakout points and draw arrows on the chart to suggest buy/sell signals. Use RSI to find breakout signals. Draw Buy/Sell arrows on the chart. Send alerts when there is a trading signal. Buy (Orange Arrow - 0xFFAA00): When a buy signal appears. Sell (Blue Arrow - 0x0000FF): When a sell signal appears. DRAW_ARROW: Used to draw arrows on the chart
Initialize RSI with period 2 above the closing price. Initialize EMA with period 20 above the closing price. Buy condition: RSI < 15 (oversold). Closing price of 4 consecutive candles > EMA (uptrend). Place BUY signal at the bottom of the candle. Sell condition: RSI > 85 (oversold). Closing price of 4 consecutive candles < EMA (downtrend). Place SELL signal at the top of the candle