This ProRealTime indicator measures the distance from the price and a Moving average[x].
The three main interpretations are if the indicator is above 1 then it’s a bullish period and if below 1 then it’s more bearish. In other words, if close is above the Moving average[x] or below it.
The other signal is the distance from the Moving average, which could be seen as the strength or weakness of the instrument.
The third is the crossing of 1, which signals a change in sentiment.
It’s a great tool for trending markets or reversing strategies.