Welcome to the Forum
@sinistralleo. This Gann is an oscillator. Oscillators have high and low bands between two extreme values, the indicator fluctuates within these bounds. When it exceeds the top or lower band (in this case, >90 or <-90) an oscillator is said to be overextended. This is thought to signal a reversal.
I would like to share an alternative, which works for me very well, an extended Keltner channel on a chart. Similar to like a Bollinger band, it provides a wedge up or down signal when price action has overextended. It saves on real estate on your TOS chart. Code below and screenshot. Good luck!
@cabe1332
# Extended Keltner Channels on chart
#
@cabe1332
# credit to TOS Indicators
# provides wedge up or down when price action is overextended
# code start
input kcfactor = 3.0;
#plot extendedLong = close > keltnerChannels(factor = kcfactor).UpperBand;
plot extendedLong = close > keltnerChannels(factor = kcfactor).UpperBand and RSI() > 70;
#plot extendedshort = close < keltnerChannels(factor = kcfactor).LowerBand;
plot extendedshort = close < keltnerChannels(factor = kcfactor).LowerBand and RSI() < 30;
extendedLong.setPaintingStrategy(PaintingStrategy.Boolean_Wedge_Up);
extendedShort.setPaintingStrategy(PaintingStrategy.Boolean_Wedge_Down);
extendedLong.setDefaultColor(Color.pink);
extendedShort.setDefaultColor(Color.Light_green);
# code end