This oscillator is based on RSI with coloured overbought and oversold areas. The color scheme can be modified in the settings.
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/16507
The indicator plots the candles based on 4 averages: averages of Open, Close, High, Low.MA Ribbon
The indicator shows the areas, where fast MA and slow MA cross.