Quote from the original author:
This is an experimental study designed to filter out minor price action for a clearer view of trends. Inspired by the QQE's filter, this filter applies the process directly to price rather than to a smoothed . First, a smooth average price range is calculated for the basis of the filter and multiplied by a specified amount. Next, the filter is calculated by gating price movements that do not exceed the specified range. Lastly the target ranges are plotted to display the prices that will trigger filter movement.