It uses Double deviation levels to determine each level of perceived imbalance.
When price start to revert to its mean after an imbalance, small char-type arrows appear to assist with direction.
This oscillator also includes a squeeze feature on the center-line, based on average %B width calculation: black-squeeze, silver-release.
***Caution: not for use on higher time frames... 1 min chart is preferred!
Grayed out the char arrows (but kept them in the script if you want to reactivate).
Added a signal line in place of the char arrows.
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.