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....
An implementation of the Guppy Multiple Moving Average, as originally described by Daryl Guppy.
Alert presets have been added for convenience, including
- Price enters investor group
- Price rises over investor group
- Price falls under investor group
- Trader-group rises above Investor group
- Trader-group falls below Investor group
Learn more about...
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 like renko blocks and I like guppy mma's so I decided to put together a study for using them with each other while I'm using other bar types.
Additionally, I added two line plots for two different renko sizes of your choice. This has a nice benefit of being able to see how price appears to be ranging between the "block sizes".
Being able to see the lines...
This is an indicator with 4 moving average slots and 6 exponential moving average slots
It also has bollinger bands and a volume weighted moving average slot
Feel free to edit this and add/remove some and publish your own
Played around with Moving Averages, with the goal to bounce on trendlines and trend reversals.
Time Unit : 15 min
Candle Type : Heikin Ashi
Commission : 0.05% on trades (Binance fees)
Initial capital : 1k €
Do you think this could work?