Purpose: spot "triple oversold" moments, where all the three are under the threshold, which is 30 by default but editable.
Target Market: Cryptocurrencies. Didn't try it on other ones, may work as well. Fits Crypto well as, by experience, I can tell it usually doesn't stay oversold for long.
When the market panics and triple oversold occurs, the spot is highlighted by a green vertical bar on the indicator.
The indicator highlights triple overbought conditions as well (usually indicating strong FOMO), but I usually don't use it as a signal.
I suggest to edit the oversold threshold in order to make it fit the coin you're studying, minimizing false positives.
Special thanks to Heavy91, a Discord user, for inspiring me in this indicator.
Any editing proposal is welcome!
I reposted this script, as the first time I wrote it in Italian. Sorry for that.
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.