//use as a price structure studying tool
//defaults set for the 1 hour chart... inner cloud represents 24 hours in 1 day, outer cloud represents 5 days in 1 week (forex). Change per desired resolution and market session length.
Yellow - new high made
Dark red - new high made, then closed down (rejection)
Blue - new low made
Dark green - new low made, then closed up (rejection)
Added "alternate color scheme" option for coloring bars on new highs/lows only, to focus on non-ranging movement.
Mid-line is now SMA(20) for mean reversion purposes.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.