There are a lot of possible ways to look at markets and find valid patterns. This time, I've looked at how shorter time frames deviate from the overall price consensus.
What you're seeing here is a range-bound difference of the lowest time frame from the overall price consensus (baseline), represented as blue line. When lower time frames agree with the baseline, the difference becomes 0. Logically, this difference cannot deviate too much from the baseline, and to quantify that, I've added fib-levels based on a deviation percentage that depends on price volatility and can be adjusted in the settings.
How it works: First of all, you need to switch to the 1min time frame to get access to the lowest time frame data. Look at how the blue line follows the support/resistance fib levels. Oversold conditions are usually given by entering the lowest red band, whereas overbought conditions are given by entering the upper red band. However, there are also extreme cases, where the blue line exceeds the set fib levels. In that case, price will reverse with very high likelihood. Alternatively you can also ping-pong between two fib levels for frequent small trades.
Note that this indicator doesn't use any security functions to access time frame data. Instead, I found a different way to avoid repainting. At the moment I'm just playing around with this to see how I can improve it. Feedback is very welcome!