This is a combination of indicators used to find oversold and overbought entry points for possible reversion.
A Green arrow will appear when all condition are met for an ENTER LONG position. A Red arow will appear when all condition are met for an ENTER SHORT position.
You can modify all of these condition parameters from the indicator's settings.
How does the indicator work The signals are using Bollinger Bands, BB %B, RSI and ADX indicators to try and find points of reversal
Enter LONG Conditions
Current candle low is below BB lower band.
The BB %B is more than 0.
RSI > 30
ADX > 25
Enter SHORT Conditions
Current candle high is above BB upper band.
The BB %B is less than 1.
RSI < 70
ADX > 25
Those are the default settings that seem to work for me but you can customize all of these from the indicator settings. I find this strategy to best work on a 3 minute timeframe
Note: The bb %B is calculated for stDev - 1. This will help you see a change happening faster.
Catatan Rilis
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Added MIN and MAX RSI conditions to minify invalid signals. Typically you don't want to enter a LONG position if RSI is already more than 50 which means you already entered late. Same with SHORT positions.