FieryTrading: Buy The Dip - Sell The Rip

Dear Tradingview community,

Today I want to share a very powerful, yet easy to use indicator with you. The indicator will find local tops or bottoms and will help you determine when it's a good time to trade a potential reversal.

How does it work?
The indicator makes use of the RSI to detect extremities and waits until the RSI reverses. Furthermore, a long-term moving average is used to determine whether we're in bullish or bearish market conditions. In bullish conditions the indicator will only go long, in bearish conditions the indicator will only go short.

How do I use it?
Favorite the indicator and apply it to your chart! You can add an alert to the indicator to receive a message once it has detected a good point for a reversal trade.

The indicator can be used on all assets and on all timeframes. Personally, I've found the 1 - 4 hourly timeframes to yield the best results.

Good luck!

Release Notes:

Changed the alertcondition to correctly follow the strategy