This script detects potential trend reverse and Buy or Sell spots.
It works with finding overvalued RSI and Engulfing candle after that and plotting "Buy" or "Sell" signal on price chart.
* Users can change RSI values easily from setting.
Enjoy
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules.
You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
