What is top/bottom indicator?
You can customize in order to achieve the best result:
the length of the period to be considered
the type of the moving average
the source on which to calculate the indicator
You can customize:
the first and second line of both bands
which line crossed should be marked on another color
the past periods to consider in the drawing of the bands
In order to spot divergences the formula needs to consider a past number of bars to check if in that period there is a disagreement between indicators and price.
Considering also a future period can give you a better precision but this comes to a cost, the drawing of the divergence will lag for that amount.
This configuration gives to you the ability to set up two different periods.
It is always better to have some sort of confirmation on the values indicated by the indicator. The purpose of this shadow is precisely to capture global moments without being distracted by local moments.
It is possible to change the period to be taken into consideration for the calculation of the shade.
Based on the above indicator you have also a different representaion.
When the indicator crosses the bands you have an arrow depending on which line is getting crossed.
line 1: single arrow
line 2: double arrow
both: big arrow
And yes of course you can personalize it!!