It is an RSI oscillator with a smoothing moving average. Four zones are drawn with user selectable colors and opacity. The zone sizes are also user defined.
This will give you a quick visual idea on the location of the RSI, among other things.
It can be combined with other indicators, such Stochastics and CCI, by using Transparent colors for the built in RSI indicator.
This indicator displays a change in chart background color when two moving averages of your choice cross over. Or you can choose to display a shaded rectangle instead of the chart background color shading. A third option is that you can display both, the background and the rectangle shading simultaneously.
You can select an offset, by a number of bars, to start displaying after the moving averages have crossed.
There is an option to plot the moving averages selected.
The available moving averages you can select include:
EMA,
SMA,
HMA,
WMA,
DEMA,
TMA,
TEMA,
ZLEMA,
VMA
UPDATED (2021 Feb 11 - Version 1.1): Allow you to select one moving average type for the slow MA and a different moving average type for the fast MA.
UPDATED (2021 Feb 15 - Version 1.2): Added VMA to the list of available moving average types.
UPDATED (2021 Mar 11 - Version 1.3): Added KAMA & MAMA to the list of available moving average types.