LazyBear

Indicators: Rainbow Charts Oscillator, Binary Wave and MAs

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:
http://www.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)
Master Index: List of all my indicators

Remove from Favorite Scripts Add to Favorite Scripts
//
// @author LazyBear
//
// If you use this code in its original/modified form, do drop me a note. 
//
study("Rainbow Charts Oscillator [LazyBear]", shorttitle="RCO_LB")
sma2=sma(close,2)
dsma2=sma(sma2,2)
tsma2=sma(dsma2,2)
qsma2=sma(tsma2,2)
psma2=sma(qsma2,2)
ssma2=sma(psma2,2)
s2sma2=sma(ssma2,2)
osma2=sma(s2sma2,2)
o2sma2=sma(osma2,2)
desma2=sma(o2sma2,2)

rmax=max(sma2,max(dsma2,max(tsma2,max(qsma2,max(psma2,max(ssma2,max(s2sma2,max(osma2,max(o2sma2,desma2)))))))))
rmin=min(sma2,min(dsma2,min(tsma2,min(qsma2,min(psma2,min(ssma2,min(s2sma2,min(osma2,min(o2sma2,desma2)))))))))
rosc=100*(close-((sma2+dsma2+tsma2+qsma2+psma2+ssma2+s2sma2+osma2+o2sma2+desma2)/10))/(highest(close,10)-lowest(close,10))
rbl=-100*(rmax-rmin)/(highest(close,10)-lowest(close,10))
rbu=-rbl //100*(rmax-rmin)/(highest(close,10)-lowest(close,10))
ml=plot(0)
ll=plot(rbl, color=gray)
ul=plot(rbu, color=gray)
plot(rosc, color=rosc>=0?green:red, linewidth=3, style=histogram)

fill(ll, ml, red)
fill(ml, ul, green)
26.04.14.. just see
Reply
You beautiful Bear, keep it up!
Reply
Thx. BTW, my wife agrees on the "beautiful" part ;)
Reply
grahvity LazyBear
I modified your script because I need night mode. Importable version: https://www.tradingview.com/e/LGee3eFx/
snapshot
+1 Reply
+1 Rainbow MAs look sexy.
+3 Reply
very much so!!!
i know this script may be a tad bit out dated but im attached.lol.... any updates to is thus far?
Reply
LazyBear PRO Trading_Colony
I haven't updated these since posted. If you have any specific enhancements in mind, do let me know.
+1 Reply
Okay thanks, so far so good combined it with my usual set up & it has helped with entries very well, flawless thus far.. so once again thank you.
Reply
LazyBear PRO Trading_Colony
yw
Reply
is there by any chance that this indicator is or could be modified for use on ThinkOrSwim?
Reply
LazyBear PRO Trading_Colony
This code is not ThinkOrSwim compatible. I am not aware of any ToS ports, but IIRC ToS has inbuilt support for Rainbow MA.
Reply
kallentto grahvity
Can you please share the indicator, cause I'm trying to use LazyBear one, but only the oscillator is shown (no rainbow and no binary)
Thank you.
Reply
grahvity kallentto
On the original chart, click the third icon down and then click on "make it mine" and then save it. Hopefully that works fine for you.
+1 Reply
kallentto grahvity
You are a genius, thank you :)
+1 Reply
grahvity kallentto
You're welcome! Sorry it took so long to respond :P
Reply
You did it again- great work and much appreciate it.
Reply
LazyBear PRO sublimares2
Thx :)
Reply
Just noticed that Rahul Mohindar Oscillator (https://www.tradingview.com/v/efHJsedw/) builds directly on top of Rainbow Charts Oscillator. RMO is nothing but an 81EMA of RCO!

Rahul added some more 2nd/3rd EMA derivatives to generate buy/sell signals, but the core logic is Mel Widner's. Wonder if there was a deal worked out or is just a plain rip-off!
Reply
Thanks LB, Nice work as always!
Reply
yw
Reply
Anyone have an idea why when I apply this indicator only the oscillator is shown ? Thank you
+1 Reply
Hi pls advise if we can use this code in amibroker
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