What is this indicator?
Works similarly to the Stochastic Oscillator, showing the distance of the closing price from the recent high on a scale from zero to negative 100. Reading it is the reverse of most oscillators: near zero means overbought, and near negative 100 means oversold.
How to read the chart
The indicator moving toward the ends of its range usually signals overbought or oversold conditions; a divergence between price and the indicator is also considered an important signal.
Practical tip
Instead of trading purely off reaching an overbought or oversold zone, first check the overall trend on a higher timeframe and only take signals that align with it.