Wilmer's Heikin RSI Circles

"Wilmer's Heikin RSI Circles", is designed to highlight specific market conditions by overlaying visual cues (colored circles) on a chart. It uses the Relative Strength Index (RSI) as a primary filter to identify overbought and oversold conditions, determined by user-defined thresholds (default values: 30 for oversold and 70 for overbought). The script compares the current candle's body (the range between open and close prices) with the previous candle’s body. If the current candle’s body is entirely within the boundaries of the previous one, and the RSI condition is met (either below the lower threshold or above the upper threshold), the script signals potential trading opportunities by plotting colored circles directly on the chart.

When the RSI exceeds the upper threshold and the candle is inside the previous one, the script plots a red circle (🔴) to indicate a potential overbought condition, which could signal a reversal or a selling opportunity. Conversely, when the RSI falls below the lower threshold under the same candle condition, it plots a yellow circle (🟡), suggesting a potential oversold condition, possibly signaling a buying opportunity. Additionally, built-in alert conditions notify users when these circles appear, enabling real-time awareness without constant chart monitoring. This visual and alert-based approach assists traders in identifying potential entry and exit points based on both price action and momentum indicators.