This indicator has been available on the internet for quite some time and at one point I used to use it constantly ... even it was part of my trading tools and it has never disappointed me. The most useful aspect of this indicator is that it warns you beforehand to which side the market is gonna move.
In fact, this indicator repaints ... its signal line gets mutilated, deshaped and even sometimes when you restarts your terminal it may readjust its graphical values. But the technique I devised for using it does not get affected by its repainting flaw. Because I never used it as an overbought/oversold indicator ... on the contrary, I used it for market bias.
I think this is the key misunderstanding if a trader has the wrong bias predetermined because with the wrong perception all the best tools can't deliver. So it is very essential for a trader to at least has the correct assessment as to which side the market is going to move ... rest of the plan gets easier.
Use this indicator for deciding a time when the market is going to move in a certain direction. When it has changed sides ... from up to down ... or from down to up ... the repainting threat is over ... and now you can be at ease when deciding or building your bias.
Once its signal line changes sides, you will know beforehand as to which side the market is going to move ... Though it is good indicator but as its data input is based on snake range ... so it is a repainting indicator .... hence it is not a stand-alone indicator ... chose one other to define your entry point and configure your stop loss separately. Use it for bias building ... only.