I had a look at the website. The indicator is pretty simple, but simple concepts tend to work, whereas complex concepts don't.
The indicator is related to the idea of directional movement published by Welles Wilder in 1978. There are two lines representing upward and downward pressure. Then there is a line showing overlap. which refers to a consolidation. I would not call that a theory.
It would be easy to replicate the indicator, but you can also use the Directional Movement, which is a more advanced concept.
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