[RS]MTF Donchian Range Wave Sync V1

EXPERIMENTAL: using Donchian channels with diferent lengths to extract multiple time frame's to extract price in range rates. the title may be a tiny bit misleading tho -_-''
update: reversed colors, joined the line zone space to make the waves visually stand out more.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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study("[RS]MTF Donchian Range Wave Sync V1")
wavesynth(_length)=>
    _hh = highest(_length)
    _ll = lowest(_length)
    _range = _hh - _ll
    _value = hl2 - _ll
    _rate = _value/_range

smooth = input(4)
wave0 = ema(ema(wavesynth(8), smooth), smooth)
wave1 = ema(ema(wavesynth(21), smooth), smooth)
wave2 = ema(ema(wavesynth(55), smooth), smooth)
wave3 = ema(ema(wavesynth(144), smooth), smooth)
wave4 = ema(ema(wavesynth(377), smooth), smooth)
wave5 = ema(ema(wavesynth(987), smooth), smooth)

os_value = 0.25
ob_value = 0.75

hline(0, color=black)
plot(0.0+wave0, style=line, color=wave0 < os_value ? maroon : wave0 > ob_value ? green : gray, linewidth=2)
plot(0.5+wave1, style=line, color=wave1 < os_value ? maroon : wave1 > ob_value ? green : gray, linewidth=2)
plot(1.0+wave2, style=line, color=wave2 < os_value ? maroon : wave2 > ob_value ? green : gray, linewidth=3)
plot(1.5+wave3, style=line, color=wave3 < os_value ? maroon : wave3 > ob_value ? green : gray, linewidth=3)
plot(2.0+wave4, style=line, color=wave4 < os_value ? maroon : wave4 > ob_value ? green : gray, linewidth=4)
plot(2.5+wave5, style=line, color=wave5 < os_value ? maroon : wave5 > ob_value ? green : gray, linewidth=4)
hline(3.5, color=black)

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