Currently user refreshes the entire web page when ever the stream get struck. This adds load to web server as the page has to be served again.
Instead, I want the user to click a button "Refresh Stream" so that JW player reloads/refreshes again with the same live and doesn't refresh the entire page
I want through JS API but I am not sure what JW player event to trigger on "Refresh Stream" button click.
Sure, make a link on your page like this:
<a href="#" onclick="jwplayer().load('my_stream.m3u8');jwplayer().play();>Refresh Stream</a>