Updating to add a small description to its usage:
- Red bands can be seen as the chop range and S/R for position entries from the green or blue
- Green bands are the usual reversal points, and red bands can be used as either take profit levels or stop loss levels after price passes them.
- Blue bands are almost always reversal points, with the middle line being a great place for entry. Scaling in blue bands is a safe way to enter a position; if price breaks below, there may be a continuation.