It can be used for booking profit in the existing trade and take fresh position once the new candle breaks the high/low of alert candle depending upon the side.
Best work with 1h+ timeframes.
• You can now add alerts for Buy/Sale entry & Possible Reversal signal
• Color & shape scheme simplified and kept it minimal.
• Add input for RSI overbought & oversold values as per your choice
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.
If red dot appear after some candles, then trail the stop-loss at the low of that candle.