Hey nice work there Baps. What software did you use for that, it doesnt look like excel? I like the indicator name though!
By the way you can do the same thing on a weekly basis to trade on any consistent weekly range you find.
The main use as I see it (i.e. what I was doing) is to identify stocks where there is a consistent minimum daily H-L or L-H range from which you can trade once you identify a or the top/bottom using standard technical indicators such as BB's MACD, Stoch, etc to make a trade safely knowing you should hit the target. Of course you have to find stocks which deliver a consistent minimum range that is large enough that you can make some $$$'s (and hence the inclusion of the % of SP line). But this chart tells you for example if the range is increasing such as it did in August for BHP below where the minimum went from $0.30 every day normally to about $0.50 for a period of 2-3 weeks.
I had a pretty good strike rate with it, but didnt have the time to apply it daily. Cheers, Sharks
