Grandfather-Father-Son RSI Buy Indicator-only for daily TF

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Grandfather-Father-Son RSI Buy and Sell Indicator

This script identifies buy and sell opportunities by combining RSI values across multiple timeframes to capture market trends and reversals. The "Grandfather-Father-Son" concept breaks down RSI analysis into three key timeframes:

Grandfather (Monthly): Represents the long-term trend, helping to filter trades that align with the overall market direction.
Father (Weekly): Provides intermediate-term momentum, confirming market conditions before signaling entry or exit points.
Son (Daily): Tracks short-term corrections and movements to pinpoint precise buy and sell opportunities.
Key Features:
Buy Signal: A buy signal is triggered when:

Monthly RSI (Grandfather) and Weekly RSI (Father) are both above 70.
Daily RSI (Son) is between 40 and 45, signaling a potential market pullback before resuming the upward trend.
The indicator checks for alignment across these timeframes to generate a reliable buy signal.
Sell Signal: A sell signal occurs when the Daily RSI (Son) crosses above 70, indicating a potential overbought condition.

Multi-Timeframe Analysis: The script pulls data from higher timeframes (monthly and weekly) to ensure that signals reflect larger market trends rather than short-term fluctuations.

Instructions:
Optimal Timeframe: This script works best on the Daily timeframe, as it uses Monthly and Weekly RSI for trend confirmation. The indicator will display a warning if applied to other timeframes to ensure it is used optimally.

Trend Alignment: The strategy ensures that buy signals are triggered only when there is a strong uptrend in both the Grandfather (Monthly) and Father (Weekly) RSI, while sell signals are based on potential overbought conditions in the Son (Daily) RSI.

Limitations:
Timeframe Dependency: Signals are based on higher timeframe data (Weekly and Monthly), which may only update at the close of those respective time periods. Therefore, it is designed to work in real-time but will be most reliable when trading in alignment with these longer-term trends.

Replay Mode: The script has been optimized to function correctly during live market conditions, with no reliance on future data (no lookahead). This ensures signals appear accurately during both backtesting and live trading.

Disclaimer:
This script is for educational purposes and should be used with caution. Always backtest before using in live trading and adjust parameters to fit your trading strategy and risk management plan.