Rainbow Oscillator

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RainbowOscillator(Vector, Levels, MA Type)
RBO(Vector, Levels, MA Type)

Overview
The rainbow oscillator is calculated based upon multiple time frames of a moving average.

Interpretation
The trend may reverse suddenly when values stay above 0.80 or below 0.20 for two consecutive days.

Recommended Parameters
Vector: CLOSE
Levels: 3
MA Type: SIMPLE

Example
SET R = RBO(CLOSE, 3, SIMPLE)
set BUY = R > 0.8 AND REF(R, 1) > 0.8

Evaluates to buy when the Rainbow Oscillator has been above 0.8 for at least two consecutive days.

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