I've been interested in 'Multiple Moving Averages' lately and came across another script on here for a Rainbow MA. Unfortunately its source is private and I wanted to try things out with other MA types so I put this together. I also wanted to make it a seperate study so I could view regular bars without the clutter. The general rule of thumb with these is the...
I compiled the new and improved Guppy Multiple Moving Averages. Hope it has some value. Plan your trade and trade your plan!
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....