Based on Mel Widner’s Rainbow Average (that is similar to Guppy MMA), here is an oscillator version.
The indicator is mainly intended to show the trend of the market. But, using the levels (that are dynamic – they depend on the market changes), you can use it to assess overbought and oversold conditions too.
Rainbow - indicator MetaTrader 5 Sixty Moving Averages with gradually changing period on a single chart. Indicator input parameters: input Smooth_Method XMA_Method=MODE_EMA; // Averaging method…
