Instead of using with oversold and overbought values, I use it as a median value.
If the is above 50, the trend is .
If the is below 50, the trend is .
This indicator is customized to help you easily identify market strength/weakness based on which side of the median value the is.
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.