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Oscillators > Rainbow Oscillator

Article/Author: Stocks&Commodities Magazine, Traders Tips, 07/1997

Download: RainbowOsc.ela

File Includes:

Indicator - Rainbow Oscillator
Function - RainbowBW
Function - RainbowOsc

Category: Indicator > Oscillators

Description:

Mel Widner introduced a colorful technique for plotting an indicator to signal trend changes. The indicator is derived from a consensus of trends that, when plotted in color, has the appearance of a rainbow.

Usage:

The "Levels" input represents the number of average levels that are to be used for the calculation (default = 10).




Inputs:

P - the data series to average
Len - the number of bars to average
Levels - the number of average levels

EasyLanguage Code:
INPUTS: P(CLOSE), LEN(2), LEVELS(10);

VARS: POSNEG(0);

IF CURRENTBAR > LEN * LEVELS THEN BEGIN
PLOT1(RAINBOWBW(P, LEN, LEVELS), "URB");
PLOT2(-RAINBOWBW(P, LEN, LEVELS), "LRB");
POSNEG = RAINBOWOSC(P, LEN, LEVELS);

IF POSNEG > 0 THEN
PLOT3(POSNEG, "RAINBOWOSC")
ELSE
PLOT4(POSNEG, "RAINBOWOSC");
END;

{COPYRIGHT C 1997, TECHNICAL ANALYSIS, INC.}