Rainbow Oscillator

RnbwOsc.efs  
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File Name: RnbwOsc.efs

Description:
Rainbow Oscillator

Formula Parameters:

• Length : 2
• Levels : 10
• Source of Price : Close

Notes:
Mel Widner introduced a colorful technique for plotting an indicator to signal trend changes. The indicator is derived from a consensus of trends that, when plotted in color, has the appearance of a rainbow.

Download File:
RnbwOsc.efs


EFS Code:

/*********************************
Provided By:  
    eSignal (Copyright c eSignal), a division of Interactive Data 
    Corporation. 2009. All rights reserved. This sample eSignal 
    Formula Script (EFS) is for educational purposes only and may be 
    modified and saved under a new file name.  eSignal is not responsible
    for the functionality once modified.  eSignal reserves the right 
    to modify and overwrite this EFS file with each new release.

Description:        
    Rainbow Oscillator 
Version:            1.0  04/29/2009
    
Formula Parameters:                     Default:
    Length                              2
    Levels                              10
    Source of Price                     Close
    
Notes:
    Mel Widner introduced a colorful technique for plotting an indicator to 
    signal trend changes. The indicator is derived from a consensus of trends 
    that, when plotted in color, has the appearance of a rainbow. 

**********************************/
var fpArray = new Array();
var bInit = false;

function preMain() {
    setPriceStudy(false);
    setStudyTitle("Rainbow Oscillator");
    setCursorLabelName("URB", 0);
    setCursorLabelName("LRB", 1);
    setCursorLabelName("RainbowOsc", 2);
    setDefaultBarFgColor(Color.red, 0);
    setDefaultBarFgColor(Color.blue, 1);
    setDefaultBarFgColor(Color.yellow, 2);
    setPlotType(PLOTTYPE_LINE, 0);
    setPlotType(PLOTTYPE_LINE, 1);
    setPlotType(PLOTTYPE_HISTOGRAM, 2);
    setStudyMax(101);
    setStudyMin(-101);
    var x = 0;
    fpArray[x] = new FunctionParameter("Length", FunctionParameter.NUMBER);
    with(fpArray[x++]) {
        setLowerLimit(1);
        setDefault(2);
    }
    fpArray[x] = new FunctionParameter("Levels", FunctionParameter.NUMBER);
    with(fpArray[x++]) {
        setLowerLimit(0);
        setUpperLimit(10);
        setDefault(10);
    }
    fpArray[x] = new FunctionParameter("sPrice", FunctionParameter.STRING);
	with(fpArray[x++]){
        setName("Source of Price");
        addOption("open"); 
        addOption("high");
        addOption("low");
        addOption("close");
        addOption("hl2");
        addOption("hlc3");
        addOption("ohlc4"); 
        setDefault("close"); 
    }    
}

var xRainbowBW = null;
var xRainbowOsc = null;

function main(sPrice, Length, Levels) {
var nBarState = getBarState();
var nRainbowBW = 0;
var nRainbowOsc = 0;
    if (nBarState == BARSTATE_ALLBARS) {
        if (sPrice == null) sPrice = "close";
        if (Length == null) Length = 2;
        if ((Levels == null) || (Levels > 10) || (Levels <= 0)) Levels = 10;
    }    
    if (bInit == false) {
        xRainbowBW = efsInternal("Calc_Rainbow", sPrice, Length, Levels);
        xRainbowOsc = getSeries(xRainbowBW, 1);
        bInit = true;
    }
    nRainbowBW = xRainbowBW.getValue(0);
    nRainbowOsc =  xRainbowOsc.getValue(0);
    if (nRainbowOsc == null) return;
    if (nRainbowOsc > 0) setBarFgColor(Color.red, 2);
    else setBarFgColor(Color.blue, 2);
    return new Array(nRainbowBW, -nRainbowBW, nRainbowOsc);
}

var bSecondInit = false;
var xPrice = null;
var xMA1 = null;
var xMA2 = null;
var xMA3 = null;
var xMA4 = null;
var xMA5 = null;
var xMA6 = null;
var xMA7 = null;
var xMA8 = null;
var xMA9 = null;
var xMA10 = null;
var xHH = null;
var xLL = null;

function Calc_Rainbow(sPrice, Length , Levels) {
var Avg = new Array(0,0,0,0,0,0,0,0,0,0);
var nRainbowBW = 0;
var nRainbowOsc = 0;
var HiPrice = 0;
var LoPrice = 0;
var HiAvg = 0;
var LoAvg = 0;
var AvgAvgs = 0;
var i = 0;
    if (bSecondInit == false) {
        xPrice = eval(sPrice)();
        xMA1 = sma(Length, xPrice);
        xMA2 = sma(Length, xMA1);
        xMA3 = sma(Length, xMA2);
        xMA4 = sma(Length, xMA3);
        xMA5 = sma(Length, xMA4);
        xMA6 = sma(Length, xMA5);
        xMA7 = sma(Length, xMA6);
        xMA8 = sma(Length, xMA7);
        xMA9 = sma(Length, xMA8);
        xMA10 = sma(Length, xMA9);
        xHH = upperDonchian(Levels, xPrice);
        xLL = lowerDonchian(Levels, xPrice);
        bSecondInit = true;
    }
    Avg[0] = xMA1.getValue(0);
    Avg[1] = xMA2.getValue(0);
    Avg[2] = xMA3.getValue(0);
    Avg[3] = xMA4.getValue(0);
    Avg[4] = xMA5.getValue(0);
    Avg[5] = xMA6.getValue(0);
    Avg[6] = xMA7.getValue(0);
    Avg[7] = xMA8.getValue(0);
    Avg[8] = xMA9.getValue(0);
    Avg[9] = xMA10.getValue(0);
    HiPrice = xHH.getValue(0);
    LoPrice = xLL.getValue(0);
    if (Avg[9] == null) return;
    HiAvg = Avg[0];
    LoAvg = Avg[0];
    for (i = 0; i < Levels; i++) {
        if (Avg[i] > HiAvg) HiAvg = Avg[i];
        if (Avg[i] < LoAvg) LoAvg = Avg[i];
    }
    for (i = 0; i < Levels; i++) {
        AvgAvgs += Avg[i];
    }
    AvgAvgs = AvgAvgs / Levels;
    if ((HiPrice - LoPrice) != 0) {
        if (xPrice.getValue(0) > HiAvg) HiAvg = xPrice.getValue(0);
        if (xPrice.getValue(0) < LoAvg) LoAvg = xPrice.getValue(0);
        nRainbowBW = 100 * ((HiAvg - LoAvg) / (HiPrice - LoPrice));
        nRainbowOsc = 100 * ((close(0) - AvgAvgs) / (HiPrice - LoPrice));
    }
    return new Array(nRainbowBW, nRainbowOsc);
}