Actually it's the "50 day moving average" but on the 30 minute time scale.
I know I've posted this before, but I'm redoing it just to keep myself honest.
It is very rare for this pink dashed line to breech intraday.
It can break, and in spectacular fashion, on high volatility days.
It can bounce off
It can breech slightly and then recover
So ultimately, I don't know how usable it is. It might be most useful to predict a larger move at tomorrow's open, if it is close to the line and you think it's going to cross. It is QUITE capable of crossing that line at the open.
So if it hugs this all day, I think it will breech it in a significant way tomorrow, but I don't know how to use it for the rest of this day. If it hugs it all day then there won't be enough movement to justify a trade.