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- Publié:
- 2018.05.24 13:09
- Mise à jour:
- 2018.06.15 11:54
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As described in the May 2018 edition of Technical Analysis of Stocks & Commodities by John F. Ehlers. This indicators is an enhancement to the traditional RSI for detecting cyclical reverses.
This indicator has two settings:
- RSILength - This needs to be half the dominant cycle period. For example, if applying to stocks or stock indexes, the cycle period would be monthly (20 Bars on a daily chart) so you would set this variable to 10.
- Smooth - The smoothing parameter of the indicator to control volatile swings. This should be set to no more than the value of RSILength.
How to use this indicator in practice:
- If the indicator spikes below -2, this shows a high probability of a bullish reversal and is therefore a buy signal.
- If the indicator spikes above 2, this shows a high probability of a bearish reversal and is therefore a sell signal.
An example of this indicator is shown in the image below.
![Rainbow Oscillator](https://c.mql5.com/i/code/indicator.png)
The 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.
![Range Oscillator + Bands](https://c.mql5.com/i/code/indicator.png)
Unlike the basic Range Oscillator version, this version uses Bollinger Bands for overbought and oversold conditions assessment.
![Rainbow Oscillator - Binary](https://c.mql5.com/i/code/indicator.png)
Based on Mel Widner's Rainbow Average (that is similar to Guppy MMA), here is a binary version of Rainbow Oscillator.
![Bollinger Bands - EMA Deviation](https://c.mql5.com/i/code/indicator.png)
This version of Bollinger Bands does not use standard deviation for Upper and Lower Bands, but uses the EMA deviation.