This indicator is based on the characteristic property of the human memory to pay more attention to the latest data. The indicator displays the most recent information. This is best explained using screenshots.
The first screenshot shows the indicator and three SMA with period 11, 51 and 101. They are good at smoothing the price but lag nearly half a period behind.
On the second screenshot, we have moved the three SMA by 5, 25 and 50 bars, respectively. We can see that 11-period SMA has "landed" right on the price, which suggests that the lag has been compensated. This is not so obvious on slower SMA in our case. We can also see that the last SMA points lie on the MemoryEffect line.
The indicator has one parameter - Window. It sets the number of bars to be displayed, and the maximum period of SMA for displaying. For example the maximum period of SMA for Window = 100 will be equal to 201.