This indicator is as simple as it gets :

  • it calculates a series of minimums over a certain period of bars
  • it calculates a series of maximums over a certain period of bars
  • then it uses such a minimum and maximum to get an average minimum to maximum state
  • a combination of multiple such "levels" are showing a "trend" and a possible support or resistance zones

Recommendations:

  • Use it as any other support resistance indicator