Measures price distance from extremes.
Ranging closer to 0 means topping/bottoming (this can stay in this state for a long time), (price near extreme).
Can be used to peak trend reversals(will need to keep doing tests with it)
EXPERIMENTAL --> Use at your own risk.
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interesting use of transparency of diff plots to make the chart readable! sometimes it appears you only need 3 of the plots to find the extremes, (the 3 shortest multipliers of the lookback period). However that is probably due to the instrument, forex, which tends to pivot frequently in a range, and the daily resolution of the chart. A good thing to toss into the toolbox!