indicator · own pane · open source
Rainbow Oscillator
Running…
Loading chart…
About
Rainbow Oscillator compares the 2-EMA to the 10-EMA and expresses the difference as a percentage of the slow average. Acts as a fast trend ribbon gauge.
- Crosses zero mark ribbon flips; positive = bullish stack, negative = bearish.
- Useful as a regime filter for shorter-term entries.
Source code
//@version=5
indicator("Rainbow Oscillator", overlay=false)
ro = (ta.sma(close, 2) - ta.sma(close, 10)) / ta.sma(close, 10) * 100
hline(0, "Zero", color=color.gray, linestyle=hline.style_dashed)
p_RO = plot(ro, "RO", color=ro >= 0 ? color.green : color.red, linewidth=2)
alertcondition(ta.crossover(ro, 0), "RO turns up", "Rainbow Oscillator crossed above zero")
alertcondition(ta.crossunder(ro, 0), "RO turns down", "Rainbow Oscillator crossed below zero")
No comments yet.
Sign in to comment.