This indicator is derived from Bressert's works in market cycles (Double Smooth ). It is converted from MT4 code and it is a part of a complete trading strategy of scalping, I certainly post on forums soon.
The DSS indicator is intended to spot overbought and oversold areas with less false signals than any other indicator. When the oscillator remains longer into one of the area, it is the beginning of a trend change.
I found it useful to spot price rebound while in a already formed trend. Of course, because is most used to find price reversal over a calculated price center, this indicator can also be nicely used in ranging markets.
Credits to: http://www.prorealcode.com/prorealtime-indicators/dss-bressert-scalper-improved/