OB & OS of Merged Efficiency & Time-Based Oscillator

This indicator, titled "Merged Efficiency & Time-Based Oscillator," attempts to provide a unique perspective on market momentum and trend efficiency by combining several distinct concepts into a single oscillator displayed below the main price chart.

At its core, it blends two main ideas:

Market Efficiency: It calculates an "Efficiency Ratio" over a long lookback period. This part aims to measure how directly price has moved from its starting point to its ending point, compared to the total distance it traveled back and forth. High efficiency might suggest a strong, direct trend, while low efficiency could indicate choppy, sideways action. Users can choose between a standard or directional version of this calculation.

Time-Weighted Momentum: Inspired by the concepts behind RSI, this part calculates two related oscillator values over a shorter period. Instead of just looking at the magnitude of price gains versus losses, it uniquely considers both the time spent and the size of the move going in that direction

The Merging: We then average the long-term Efficiency Ratio with the two shorter-term, time-and-value-based momentum signals. The goal is to create a hybrid oscillator that reflects both the underlying trend's directness and the more recent momentum dynamics.

Output and Signals:
The script dynamically calculates overbought and oversold levels based on the oscillator's own recent history. These levels adapt to the indicator's volatility.

Potential "BUY" (triangle up) and "SELL" (triangle down) signals are plotted on the price chart when the oscillator crosses out of the dynamically calculated extreme zones, suggesting a potential reversal or exhaustion point.