Cobra Arrow is a precision arrow indicator designed to catch early momentum shifts after exhaustion, using a smart combination of Williams %R, RSI, and ATR-based positioning. It focuses on high-probability reversal or continuation entries by filtering out weak or late signals and only plotting arrows on fully closed candles (non-repainting).

The indicator continuously monitors Williams %R  to detect extreme zones and sharp transitions. A bullish setup occurs when WPR crosses upward through the -30 level after being oversold, while a bearish setup triggers when WPR crosses downward through the -70 level after being overbought.
To confirm momentum, RSI is used as a strength filter:

To reduce false signals, Cobra Arrow applies a history filter, checking the previous four bars to ensure price was genuinely in an extreme zone before the breakout. This makes signals cleaner and more selective.

Arrows are plotted with a dynamic ATR offset, so they adapt automatically to volatility and remain clearly visible above or below candles.