PSP ETF 20% Drop Buy

Script Description
Overview
The PSP ETF 20% Drop Buy indicator is a specialized tool designed for long-term ETF investors. It identifies significant price drops (drawdowns) relative to the previous day's closing price, signaling potential "buy-the-dip" opportunities for those following a disciplined accumulation strategy.

Key Features
Customizable Drop Threshold: Defaulted to 20%, but can be adjusted in the settings to capture smaller or larger swings (e.g., 5%, 10%, or 30%).

Visual Signals: Automatically plots a green "BUY" label on the chart when the current low hits the specified percentage drop from the previous day's close.

Dashboard Table: Displays a clean on-chart table showing strategy parameters, including timeframes and specific rules for "Silver" and "Gold" entry levels.

Built-in Alerts: Includes an alert condition to notify you instantly when the drop criteria are met, so you don't have to stare at the screen.

How to Use
Apply to Daily Chart: This script is optimized for the daily (D) timeframe.

Settings: Adjust the Drop % based on the volatility of the specific ETF or instrument you are trading.

Strategy: Use the "Gold" and "Silver" guidelines in the info table to manage position sizing—buying more aggressively as the asset hits deeper discount levels.