UpDown technical indicator looks for potential market entry points.
It has two main lines (Up and Down), as well as an additional one (Balance).
The main market entry signal is activated when Up and Down lines are crossed.
Up line exceeding Down is a buy signal.
Up line falling below Down is a sell signal.
The additional Balance line is used to define your position type.
If the Balance line is above zero, then you most probably trade in trend direction. The same is true for a short position if the Balance line is below zero.
If the Balance line is below zero when opening a long position, then you most probably trade against the trend. The same is true for a short position if the Balance line is above zero.
The indicator has one adjustable parameter - Period_UD. This is a number of candles used to calculate the values of the indicator lines.