This is useful to easily visualize when the market is coming out of a range and making fresh highs or lows relative to the past X candles.
It can be used in trend following systems as an additional filter for validation.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.