Indicators: Rainbow Charts Oscillator, Binary Wave and MAs

15 juin 2014

Rainbow Charts, by Mel Widner, is a trend detector. It uses recursively smoothed MAs (remember, this idea was proposed back in 1997 -- it was certainly cool back then!) and also builds an oscillator out of the MAs. Oscillator bands indicate the stability range.

I have also included a simple binary wave based on whether all the MAs are in an upward slope or not. If you see any value above 0.5 there, the trend is definitely up (all MAs pointing up).

More info:
traders.com/Documentation/FEEDbk_docs/1997/07/0797Widner.html

Here's my complete list of indicators (With these 3, the total count should be above 100 now...will update the list later today)
tradingview.com/v/4IneGo8h/