Lines plotted for the Low and High of the region of price that was Overbought or Oversold
(Low of the candle that became overbought and highest high in the Overbought period)
(High of the candle that became oversold and highest high in the Oversold period)
I like to use the dotted lines as pivot points for the reversal of the trend, and also pay attention to...
Observe the price reaction in the zones of supply/demand from multiple timeframes. Original idea from Forex MoneyMap, Dynamic Fibonacci Grid etc.
NOTE: Only for M5 !
