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You liked the script? Try it in the MetaTrader 5 terminal
Rainbow Oscillator - Binary - indicator for MetaTrader 5
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- 7257
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- Published:
- 2018.05.24 13:31
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Based on Mel Widner's Rainbow Average (that is similar to Guppy MMA), here is a binary version of Rainbow Oscillator.
It shows only two states:
- state up.
- state down.
That makes it suitable for cases when a simple access to indicator values is required (like from experts).
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Rainbow OscillatorThe Rainbow Oscillator indicator is mainly intended to show the trend of the market. But, using the levels you can use it to assess overbought and oversold conditions too.
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