I remembered seeing an indicator named something like "inverse bands" on a forum. I couldn't find the indicator again as I searched but liked the idea the name was suggesting. So decided to build an indicator on that idea. The usage could be to identify trend and range or breakouts but should be used as a part of strategy not stand alone, I recommend.

PS: For the Candlestick Overlay, please see: Inverse Bollinger Bands Candlestick Overlay for MT4.