This "ribbon" indicator is using an Hull moving average variation indicator that was originally published (with some more explanation) here : Hull Variation
This version :
It is using the "speed" property of the Hull variation indicator to construct a ribbon. That makes a sort of two indicators crosses, even without changing the calculating period.
As any crosses indicator.
Trend trigger factor - with an addition of discontinued signal line(s)ms-Сandle. Candle direction indicator, gaps in quotes.
The indicator determines the direction of the bar based not only on the Open/Close prices. Gaps and gaps in quotes are also determined.