Elastic Oscillator

This indicator will show the "tension" points on the market, possible turning points, and reversals. It's possible to change how much elasticity the indicator will filter. Another parameter is to show all the times the candle's high/low value touches the bands. There are three bands. It can work as a region for entering the signals and possible exit points.

The default configuration will provide very few signals. The higher the elasticity, the lower the number of signals. It can work as a confirmation indicator too.