DC High Line - Basis Channel concept i have added high line. Period can be selected in indicator options. Usage: Let's say i am tracking 90 day High period of which will be shown with orange line on chart. If this orange line is breached it means has made new high. Basis position of we can determine if need to be in trade or exit.
DC Low Line - Basis Channel concept i have added low line. Period can be selected in indicator options. Usage: Let's say i am tracking 90 day Low period of which will be shown with aqua line on chart. If this aqua line is breached it means has made new low. Basis position of we can determine if we can enter the trade or not.
DC MID Line - DC High + DC LOW / 2 gives a mid line which act as important resistance or .
Buy and Sell Zone: I have added two dotted lines which clearly indicate 55 and 45 levels in . Above 55 is considered as sell zone and below 45 as buy zone. You can change the settings basis your need.
Mid Line: Indicator also show mid line at 50 level which makes easier to understand if is above mid line or below. It improves visualization of the indicator.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.