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# Indicators: Rainbow Charts Oscillator, Binary Wave and MAs

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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).

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

```//
// @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
You beautiful Bear, keep it up!
grahvity
Thx. BTW, my wife agrees on the "beautiful" part ;)
LazyBear
I modified your script because I need night mode. Importable version: https://www.tradingview.com/e/LGee3eFx/
grahvity
+1 Rainbow MAs look sexy.
LazyBear
very much so!!!
i know this script may be a tad bit out dated but im attached.lol.... any updates to is thus far?
I haven't updated these since posted. If you have any specific enhancements in mind, do let me know.
LazyBear
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.
yw
LazyBear
is there by any chance that this indicator is or could be modified for use on ThinkOrSwim?
This code is not ThinkOrSwim compatible. I am not aware of any ToS ports, but IIRC ToS has inbuilt support for Rainbow MA.
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.
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.
grahvity
You are a genius, thank you :)
kallentto
You're welcome! Sorry it took so long to respond :P
You did it again- great work and much appreciate it.
sublimares2
Thx :)
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!
Thanks LB, Nice work as always!
Drat
yw
Anyone have an idea why when I apply this indicator only the oscillator is shown ? Thank you
Hi pls advise if we can use this code in amibroker
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