OPEN-SOURCE SCRIPT
Rainbow Channel
I have designed this indicator with the idea of staying focused on the price during the corresponding trend, for this I have built a rainbow channel
The upper part of the channel is painted in colors during the uptrend, at this time the lower part turns gray to focus only on the longs signals
The lower part of the channel is painted in colors during the downtrend, at this time the upper part turns gray to focus only on the shorts signals
The signals are followed by a mark that indicates when to close that trade.
The indicator works with all timeframes, I use it on the 1 hour chart and I do the trades in 1 minute.
CREDITS:
- DonovanWall for his study "Gaussian Channel [DW]" included in this script
- alex Orekhov (everget) for his study "HalfTrend" included in this script
The upper part of the channel is painted in colors during the uptrend, at this time the lower part turns gray to focus only on the longs signals
The lower part of the channel is painted in colors during the downtrend, at this time the upper part turns gray to focus only on the shorts signals
The signals are followed by a mark that indicates when to close that trade.
The indicator works with all timeframes, I use it on the 1 hour chart and I do the trades in 1 minute.
CREDITS:
- DonovanWall for his study "Gaussian Channel [DW]" included in this script
- alex Orekhov (everget) for his study "HalfTrend" included in this script
Script open-source
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