RainbowOscillator(Vector, Levels, MA Type)
RBO(Vector, Levels, MA Type)
The rainbow oscillator is calculated based upon multiple time frames of a moving average.
The trend may reverse suddenly when values stay above 0.80 or below 0.20 for two consecutive days.
MA Type: SIMPLE
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.