The idea behind is very simple.
We calculate the RSI of the ratio of longs vs shorts and find areas where both the SMA of this RSI and the RSI itself are overextended.
You might notice that the win rate is not high but most of the wins provide a decent move that, if combined with proper risk management, can be used to build profitable strategies.
The signal offers a backtesting stream: 1 for buy and 2 for sell.
Shortly I'll be adding new features including: alerts, support for other symbols, filters, etc.
Added option to select custom symbol: this will allow the user to find similar setups on ALTs.
1) No need to manually select the corresponding Bitfimex USDLONGS/USDSHORTS symbol we do it for you by default as long as the coin is available in bitfimex
2) Option to override the automatic selection of USDLONG/USDSHORTS. Why? because you might want to use this indicator in a chart of one coin while showing signals from another one. Example: trade ADA while seeing Breaking Point signals from ETH. Specially useful for correlated coins.
3) If the asset is not available on Bitfimex an error window will make you aware (try the PEPEUSDT chart for example).
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.