OPEN-SOURCE SCRIPT

Midpoint Line with Dynamic Bands, RSI Filter, and Alerts

Title: Midpoint Line with Dynamic Bands, RSI Filter, and Alerts

Description:

This Pine Script indicator provides a comprehensive analysis tool combining dynamic midpoint bands, RSI filtering, and alert conditions for overbought and oversold market states.

Features:

Dynamic Midpoint Bands:

Calculates the midpoint based on the highest high and lowest low over a user-defined lookback period.
Supports both percentage and fixed point offsets for the upper and lower bands.
Threshold Levels:

Defines overbought and oversold thresholds using a user-specified percentage.
RSI Filter:

Uses a 100-period RSI to filter market trends.
Plots candles in green if RSI > 50 and in red if RSI < 50.
Visual Overlays:

Fills the overbought area in red and the oversold area in green.
Plots green arrows below the bars when RSI > 50 and the price is in the oversold area.
Plots red arrows above the bars when RSI < 50 and the price is in the overbought area.
Alerts:

Generates alerts for potential long and short trading opportunities based on the defined conditions.
How to Use:

Customize the lookback period, percentage offset, fixed point offset, and threshold percentage as needed.
Use the RSI filter to identify the prevailing market trend.
Watch for visual signals (arrows) indicating potential buy or sell opportunities.
Set up alerts to receive notifications when long or short conditions are met.
This script provides traders with a robust tool for identifying key market conditions and making informed trading decisions. Customize the parameters to fit your trading strategy and use the visual cues and alerts to enhance your market analysis.