OPEN-SOURCE SCRIPT
Rainbow Oscillator Strategy

Ever since the people concluded that stock market price movements are not
random or chaotic, but follow specific trends that can be forecasted, they
tried to develop different tools or procedures that could help them identify
those trends. And one of those financial indicators is the Rainbow Oscillator
Indicator. The Rainbow Oscillator Indicator is relatively new, originally
introduced in 1997, and it is used to forecast the changes of trend direction.
As market prices go up and down, the oscillator appears as a direction of the
trend, but also as the safety of the market and the depth of that trend. As
the rainbow grows in width, the current trend gives signs of continuity, and
if the value of the oscillator goes beyond 80, the market becomes more and more
unstable, being prone to a sudden reversal. When prices move towards the rainbow
and the oscillator becomes more and more flat, the market tends to remain more
stable and the bandwidth decreases. Still, if the oscillator value goes below 20,
the market is again, prone to sudden reversals. The safest bandwidth value where
the market is stable is between 20 and 80, in the Rainbow Oscillator indicator value.
The depth a certain price has on a chart and into the rainbow can be used to judge
the strength of the move.
WARNING:
- This script to change bars colors.
random or chaotic, but follow specific trends that can be forecasted, they
tried to develop different tools or procedures that could help them identify
those trends. And one of those financial indicators is the Rainbow Oscillator
Indicator. The Rainbow Oscillator Indicator is relatively new, originally
introduced in 1997, and it is used to forecast the changes of trend direction.
As market prices go up and down, the oscillator appears as a direction of the
trend, but also as the safety of the market and the depth of that trend. As
the rainbow grows in width, the current trend gives signs of continuity, and
if the value of the oscillator goes beyond 80, the market becomes more and more
unstable, being prone to a sudden reversal. When prices move towards the rainbow
and the oscillator becomes more and more flat, the market tends to remain more
stable and the bandwidth decreases. Still, if the oscillator value goes below 20,
the market is again, prone to sudden reversals. The safest bandwidth value where
the market is stable is between 20 and 80, in the Rainbow Oscillator indicator value.
The depth a certain price has on a chart and into the rainbow can be used to judge
the strength of the move.
WARNING:
- This script to change bars colors.
오픈 소스 스크립트
진정한 트레이딩뷰 정신에 따라 이 스크립트 작성자는 트레이더가 기능을 검토하고 검증할 수 있도록 오픈소스로 공개했습니다. 작성자에게 찬사를 보냅니다! 무료로 사용할 수 있지만 코드를 다시 게시할 경우 하우스 룰이 적용된다는 점을 기억하세요.
면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.
오픈 소스 스크립트
진정한 트레이딩뷰 정신에 따라 이 스크립트 작성자는 트레이더가 기능을 검토하고 검증할 수 있도록 오픈소스로 공개했습니다. 작성자에게 찬사를 보냅니다! 무료로 사용할 수 있지만 코드를 다시 게시할 경우 하우스 룰이 적용된다는 점을 기억하세요.
면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.