This is a combination DMI & oscillator. It is smoother and easier to read than RSI. It allows for a much easier reading of divergences while keeping lag ot a minimum.
Green for bullish divergence Red for bearish
(lines added manually!)
At the bottom you can see how it looks with dominance mode applied. This "show dominance" option is used to illustrate the false readings you can have with a DI- or DI+ line in regular DMI by colouring both lines with red if price went down and green if it went up.