This indicator is based on the "Vegas Tunnel" system from FTMO, please check out their site here for some good documentation: ftmo.com/en/vegas-tunnel-trading/ I give FTMO full credit for this indicator, all I did here was make it easy to throw it up on a chart.
Personally, I've had some success trading with this method. I encourage doing some back and forward testing to see if it is something that would fit your trading style.