Daveatt

BEST Rainbow Chart

Hello traders

This script is a Pinescript adaptation of this FXCM/LUA script

Draws a flexible number of moving averages between 1 and 5 - with a end result looking like a rainbow

Formula

Each Moving Average is defined as a Moving Average of the previous MA
The first MA is based on candle close

MA = MA of Price
MA = MA of MA
....
MA= MA of MA


Bonus

You can select the MA type ( EMA , SMA , SMMA , TEMA , DEMA , TMA, ALMA , VWMA , ...) and the MA period shared across all the moving averages

Scaling

If you have any issue with your scaling, you may follow this quick tutorial

Hope you'll like it because it looks nice on your chart :)
Dave
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.

Want to use this script on a chart?
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Comments

You've missed ALMA out xxx
+1 Reply
Daveatt syrinxflunki
@syrinxflunki, is that your way of asking me to add it :p ?
Reply
@Daveatt,
Well you have ALREADY ADDED IT as an option :D :D :D
+1 Reply
Daveatt syrinxflunki
@syrinxflunki, LMAO I'm so dumb
Thanks for spotting that out. Will fix it and republish
Reply
As always as I said "SIMPLE IS THE BEST"
Appreciated Daveatt =D
+1 Reply
Daveatt ICEKI
@ICEKI, this one is fun script :)
Reply
ICEKI Daveatt
@Daveatt, nice fun script =D
Reply
Send it to the NHS :)
+1 Reply