Has anyone posted a strategy using the rainbow oscillator?
Evidently it it is the basis of the RMO in Metastock. I have been using Metastock for this indicator but would like to get it into my WealthLab. I also created my version to backtest in Metastock. Is there a legal problem with this indicator? It goes way back in time, to traders trying multiple moving averages. RM is asking big bucks to use it.

Surprisingly, the Rainbow oscillator is still missing in TASC Indicators: nobody has requested it before you. Therefore I'll add Widner's Rainbow oscillator in upcoming release 2013.11 (early November).

While waiting, you might want to take a look at SVEZLRBPercB indicator from TASCIndicators - a Rainbow oscillator advancement based on TEMA and WMA (Rainbow Osc uses SMA):

TASC 2013-09 | Oscillators, Smoothed (Vervoort)

I'll download the TASC 2013-09 code in and try it.
Thank You

Widner's Rainbow oscillator has been added to TASCIndicators 2013.11. Feel free to update the extension using the Extension Manager.

just one comment regarding the RBO. It would be more useful if it used EMA instead of SMA in its calculation. The SMA results in echoes that can be very misleading. This is especially true for the shorter time frames where large gaps on a percent basis occur relative to intraday changes.

Thanks for your comment. Like I said, SVEZLRBPercB is a Rainbow successor that uses more responsive moving averages. And source code for both solutions is open, allowing for easy modification.

spopiela wrote:

Help!
I honestly have tried all approaches to further smooth out the Rainbow Oscillator.. hours of frustration.
I want to plot the smoothed series. See below. I have only copied the data series for the RO and my attempt to create an RMO. This is one of many attempts. I'd like to just create a buy signal when the smoothed version crosses zero and sell when it drops below zero. I can't seem to get past this point. I looked for a way to use the rule based approach but could not find a way to smooth an indicator.

CODE:
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Here you go:

CODE:
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Eugene,

Thanks, I tried the code and it worked perfectly! I wasn't even close with my attempts. I'll keep plugging along with the tutorials.

You're welcome, Stan.

Ive tried to create my version of a crossover system using the Rainbow oscillator but I have failed..The system would generate a buy signal at the crossover of the 30 period exponential MA of the Rainbow oscillator over the (30 day moving average of the 30 day exponential moving average of the Rainbow oscillator). This system sells when it crosses under. Can you help me?

Sure, here's it:

CODE:
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Thanks, Eugene.
I'll ponder this strategy a bit more.