The sense of this indicator is evident from its name.
Noise Level is designed to assist in distinguishing true and false breakouts. It closely examines HOW the price approaches the possible breakout point. Therefore, it helps to follow channel or fractal breakouts only when the probability of beginning of a new trend is the highest (the market is less noisy). Alternatively, the indicator can be used to map the best opportunities for scalping systems, based on returns in the channel (when the market is the noisiest).
Noise Level is represented as an oscillator in the relative scale from 0 to 1. The higher the value - the more noisy the market is.
In order to avoid overfitting effect, Noise Level has single input parameter, which determines how many bars are used for calculation.