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here are my interpretations of the Rainbow charts and Rainbow
Oscillator from
the Jully 1997 TASC Traders Tips.
Anthony
/* Rainbow Charts */
maxgraph = 15;
graph0 = close;
graph1 = Ma(C,2);
graph2 = Ma(Ma(C,2),2);
graph3 = Ma(Ma(Ma(C,2),2),2);
graph4 = Ma(Ma(Ma(Ma(C,2),2),2),2);
graph5 = Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2);
graph6 = Ma(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),2);
graph7 = Ma(Ma(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),2),2);
graph8 = Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),2),2),2);
graph9 = Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),2),2),2),2);
graph10 = Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),2),2),2),2),2);
graph0style =128;
graph1style=graph2style=graph3style=graph4style=graph5style=graph6style=graph7style=graph8style=graph9style=graph10style = 1;
graph0color = 2;
graph1color = 3;
graph2color = 5;
graph3color =7;
graph4color = 6;
graph5color =15;
graph6color = 8;
graph7color =16;
graph8color = 10;
graph9color = 11;
graph10color = 12;
title=name() + " Rainbow Charts " + " Today's Close : " +"(" +writeval(close,format=1.2)+")" +" Change from Yesterday : " +"("+writeval(close - ref(close,-1)) +")";
maxgraph =16;
avg1= Max (Ma(C,2),
Max (Ma(Ma(C,2),2),
Max (Ma(Ma(Ma(C,2),2),2),
Max (Ma(Ma(Ma(Ma(C,2),2),2),2),
Max(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),
Max(Ma(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),2),
Max(Ma(Ma(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),2),2),
Max(Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),2),2),2),
Max(Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),2),2),2),2),
Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),2),2),2),2),2))))))))));;;;;;;;;
avg2 = Min(Ma(C,2),
Min(Ma(Ma(C,2),2),
Min(Ma(Ma(Ma(C,2),2),2),
Min(Ma(Ma(Ma(Ma(C,2),2),2),2),
Min(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),
Min(Ma(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),2),
Min(Ma(Ma(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),2),2),
Min(Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),2),2),2),
Min(Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),2),2),2),2),
Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),2),2),2),2),2))))))))));;;;;;;;;;
/* Rainbow Oscillator */
graph0 = 100 * (CLOSE - ((Ma(C,2)+
Ma(Ma(C,2),2)+
Ma(Ma(Ma(C,2),2),2) + Ma(Ma(Ma(Ma(C,2),2),2),2) +
Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2) +
Ma(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),2) +
Ma(Ma(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),2),2)+
Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),2),2),2)+
Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),2),2),2),2)+
Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(Ma(C,2),2),2),2),2),2),2),2),2),2))
/10))/(HHV(C,10)-LLV(C,10));
/* Lower Rainbow Band */
graph1 = -100 *( avg1 - avg2) /
(HHV(C,10) - LLV(C,10));
/* Upper Rainbow Band */
graph2 = 100 * (avg1 - avg2) /
(HHV(C,10) - LLV(C,10));
graph0style = 3;
graph2style = graph1style = 1;
graph2color = graph1color =3;
graph3 = 0;
graph3color =8;
downbar =graph0 <ref( graph3,-1);
upbar = graph0 > ref(graph3,-1);
barcolor = IIF( downbar,4, IIF( upbar, 6, 0 ) );
graph0barcolor = ValueWhen( barcolor != 0, barcolor );
title = name() +" Rainbow Oscillator : "+writeval(graph0,format=1.2) +" % ";
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