This indicator was developed and described by M. H. Pee (Stocks & Commodities V.22:5 (28-37): Phase Change Index).
Other indicators of M. H. Pee:
A list of Free indicators:
A list of Paid indicators:
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.