This is the Higher High Lower Low Stoachastic for MT4 which was re-coded and improved by Mladen back in 2016 according to my file saved notes.

The indicator has Shadow, 3 x Color Change modes, (newer drop down box) Multi-timeframe mode + Interpolation, Alerts & more.

As explained by Mladen:
According to Vitali Apirine’s article “Higher Highs & Lower Lows,” in in February 2016 issue of TASC, the momentum indicator-based system HHLLS (higher high, lower low stochastic) can help to spot emerging trends, define correction periods, and anticipate reversals. As with many indicators, HHLLS signals can also be generated by looking for divergences and crossovers. Because the HHLLS is an oscillator, it can also be used to identify overbought & oversold levels.