The band represents the range between local highest and local lowest and the layers are proportional to Fibonacci ratio. Suitable for 5 minutes charts.
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Green crosses are buying signals and red crosses are selling signals.
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Some amendments on setups.
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I add parabolic SAR on the band, green outer bands indicate a bullish/ascending stairs while red outer bands indicate a bearish/descending stairs.
One setup that you can consider is to buy when the price in the purple layer given the outer band is green and sell when it touches the red layers.
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Some amendments :)
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I redo the whole script. I use VWAP cross over, ADX-DMI, Choppiness Index and BB Width as entry setup. The color of outer bands depicts multiple days trend.