CompTrans

CompTrans is a simple Matchbox Transition used for clips with built-in alphas that act as custom wipes. Usually you'd stick such a clip on a higher track overlapping the outgoing clip, but if you have a few of these in a row, you wind up making staircases on your timeline which I hate doing if I can avoid it. CompTrans lets you do it inline on the same track as a transition.

Turn this
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Into this
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Grab it from the Logik Matchbook if this looks useful to you.

Updated 09-Mar-2022: Added a "Outgoing over Incoming" button to reverse the composite for transitioning out from a clip with alpha.