- The lime is calculated from high
- The fuchsia is calculated from low
- The orange one is calcuated form both high and low, by calculating RSI's up from high and down from low
You can also select different moving averages for calculation. (The default is the original RMA)
This indicator is useful for e.g. to filter out original RSI's false signals by waiting both low and high lines to confirm. Or you can use it as an earlier exit indicator.
Please write a comment if you find another usage of it.
E.g. I use it to check the order of the lines, and it gives me much better results than simple overbought oversold. And/or you can check if 2 or more lines are above/below a certain level. But if you use other moving averages, it can show you other information. So there are a lot of possibilities...