This is a day range channel.
- TimeFrame - the timeframe used for the channel calculation.
- ATRPeriod - ATR indicator period.
- DailyATRMultiply - range multiplier (if the third pair is trending, increase, if it's in flat - decrease).
- ChannelWidth - the width of the displayed channel.
First of all, it will be useful for intraday scalpers. It is better not to enter the market at the end of the day range, because the potential for further price movement is too small. Ерыш indicator is intended for the convenient display of these ranges.