This is the ingeniously coded ALB (Adaptive Lookback) Mogalef Bands by Mladen & Mrtools. It comes Multi-timeframe + Interpolation, Future Projection & Alerts.
This advanced technical indicator can be used as a target for breakouts or for take profit/stop losses.
A little more information from the creator of the original Mogalef Bands:
Actual MOGALEF bands code is the final result of a lot of contributors. Syllables MO-GA-LEF are the initials of three of them.
The basic idea of bands: the markets are still in range, and trends that are moving ranges. The Mogalef bands try to estimate the current range and to project its on the future if prices move. This future estimation is often of great relevance and very useful, especialy for market profile users or pivot points users.
The technical indicator Mogalef Bands projects to the future the high, median and low levels of the most possible range by taking in to account the market environment. This indicator can be applied straight away to any future, stock, index or currency you may be working in.
The bands are composed by a high, a low, and an average price of the current range. Once this range is no longer valid, new bands, calculated according to the environment are shown on screen.
As soon as new MOGALEF Bands appear on screen, you have an idea of the possible bullish or bearish targets and also of the fair price estimated by the market.
Thank you very much.