2) This indicator can be used to protect your strategy from losing trades due to low price .
3) This indicator can be used as a strategy: open a trade in the direction of the trend, when the level of get out of the low channel.
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.