This indicator shows the "candle-of-band". The "Candle-of-band" is a candle that does not touch the Moving Average.
When you see the blue up arrow, a buy signal is formed. The appearance of a red down arrow indicates a potential sale.
Keep in mind that the signal is formed only on the closed candle, but the arrow can be drawn on the current candle as well.
If the signal is formed, and the candle is a "hammer" or "hanging man", it may indicate the roll-back from the level.
Recommended timeframes: H4 or higher.
Recommended MA period: 3.
Recommended currency pairs: works best on AUDUSD, EURUSD and other most liquid pairs.