This is a TOP / BOTTOM indicator for big market cycles.
These tops and bottoms are based on the difference between the 200MA on the daily and the price.
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.