This indicator is a normalized price representation made with . The dynamic scale between 0 and 100% is calculated upon the last X periods (50 periods in the code, you can change it at will). It can be used to detect price exhaustion in a trend of continuation if the remains above the 50% level.
Another utility is the use of the different levels that could be changed to Fibonacci levels for examples (23.6% 38.2% etc.) and detect rebounds of breakout of these levels.