This tool is known as the Hurst Channel or Hurst Bands. At first sight, it might resemble the Bollinger Bands because it consist of three bands, upper, lower and middle band.
So how do you trade this? If the asset is in a downtrend, you will see lower highs.
If these lower highs retrace up to the upper band, you go with the main trend and take a sell.
If you are in an uptrend, you should see higher lows that bounce off of the lower band.
Stay concentrated on the highs and lows!
For targets I recommend using Classic Pivot Points / Camarilla Pivot Points as horizontal support and resistance, along with the Hurst Channel.