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This indicator is an oscillator that shows the RSI (Relative Strength Index) in red and its inverse graph in a light green. Together this shows the volatility of the market (in its default setting). You can also change it to show only the RSI graph. It also gives you the possibility to change its Period. The oscillators zones (80,70,50,30,20) are marked by Strong Sell, Sell Zone, Range, Buy Zone, and Strong Buy respectively
A Gap often occurs when the price moves with "strength" in a given direction (either up or down). This Gap is formed when, in looking at 3 consecutive candles, the wicks of the 1st and 3rd candles do not overlap. When this happens, the indicator creates a rectangle where the Gap is located. It identifies a zone where the price could potentially go back to (mitigation). The Gap/rectangle is mitigated when the price returns and completely covers the rectangle. Note that the