This is a indicator based on the and the distance between the current price and the .
The signal gets triggered if the current (with default settings) is under 0 and the Distance from the gets smaller if under or gets bigger if over . In edition you can set a max distance from the .
This indicator was invented for buy and hold strategys only.
I invented this indicator to find better entrys for my saving plans on the MSCI WORLD AND MSCI EMERGING MARKETS on the 1 day timeframe.
Instead of investing every month, i only invest on the green Arrow Signal.
For example, lets say there is no buy signal for 3 months, then i invest the summary of the three months on the buy signal.
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.