When adding the indicator, I normally open the settings and switch off the Top, Bottom, Overbought and Oversold Lines. This helps zoom the indicator into the action (and those lines are only used in construction anyway).
The indicator shows the , plus a colour coded moving average of the to give you a trend. It also makes Overbought and Oversold conditions more obvious and adds dots to the chart when things become critically overbought or sold.
I typically use this on 4hr and higher timeframes, though it will be useful anywhere you were using an indicator before.