Blue buy low points — Indicator by DovCaspi

Using RSI and EMA + going up switch - Its easy to find the behavior and oscillation.

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.

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Want to use this script on a chart?

study("Buy low blue points" )
f = input(title="Factor", type=float, defval=1, minval=0.1, maxval=2)

ema1 = ema(close,round(9*f))
ema2 = ema(close,round(3*9*f))
ema3 = ema(close,round(4*3*9*f))

rsiClose =  (rsi(ema1,round(9*f)) - 50)
goingUp = ema2 > ema3

rsiBuyClose = goingUp and rsiClose < -5 and rsiClose > rsiClose[1] ? rsiClose  : na
rsiBuyCloseSingle = rsiBuyClose and rsiBuyClose[1] ? na : rsiBuyClose

rsiColor = rsiClose < 0 ? red : green 

barcolor( rsiColor )


plot( 20 * goingUp, style=area, color=lime, transp=95 )
plot( rsiClose, linewidth=1, color=rsiColor ,style=histogram )
plot( rsiBuyCloseSingle , title="Buy", style=circles, linewidth=4,color=blue)


//plot( mid , title='Mid', color=#00ffaa, linewidth=2)
//plot( close - mid , title='Close', color=black, linewidth=2, trackprice=true)