The formula of the indicator is:
InverseFisherTransform(ZeroLagEMA(RSI(SVE_RainbowAverage(price)))).
The usage of the indicator recommended in the article is the following
The indicator shows an opportunity to:
- buy when indicator breaks the 12 level up
- sell when indicator breaks the 88 level down
These opportunities then must be studied using Slow Stochastic or SVE_ARSI indicators.
Download the indicator:
The indicator uses another Sylvain Vervoort's indicator: Rainbow Average, so, please download and install Rainbow Average indicator too. Please find this indicator below:
Download Sylvain Vervoort's Rainbow Average indicator for Marketscope:
The formula of this indicator is:
- Code: Select all
SVE_RainbowAverage = ( 5 * WAverage( Close, 2 )
+ 4 * WAverage( WAverage( Close, 2 ), 2 )
+ 3 * WAverage( WAverage( WAverage( Close, 2 ), 2 ), 2 )
+ 2 * WAverage( WAverage( WAverage( WAverage( Close, 2 ), 2 ) , 2 ), 2 )
+ WAverage( WAverage( WAverage( WAverage( WAverage( Close, 2 ), 2 ), 2 ), 2 ), 2 )
+ WAverage( WAverage( WAverage( WAverage( WAverage(
WAverage( Close, 2 ), 2 ), 2 ), 2 ), 2 ), 2 )
+ WAverage( WAverage( WAverage( WAverage( WAverage( WAverage( WAverage(
Close, 2 ), 2 ), 2 ), 2 ), 2 ), 2 ), 2 )
+ WAverage( WAverage( WAverage( WAverage( WAverage( WAverage( WAverage(
WAverage( Close, 2 ), 2 ), 2 ), 2 ), 2 ), 2 ), 2 ), 2 )
+ WAverage( WAverage( WAverage( WAverage( WAverage( WAverage( WAverage(
WAverage( WAverage( Close, 2 ), 2 ), 2 ), 2 ), 2 ), 2 ), 2 ), 2 ), 2 )
+ WAverage( WAverage( WAverage( WAverage( WAverage( WAverage( WAverage(
WAverage( WAverage( WAverage( Close, 2 ), 2 ), 2 ), 2 ), 2 ), 2 ), 2 ), 2 ), 2 ), 2 ) ) / 20 ;
Avereges indicator is available here.
viewtopic.php?f=17&t=2430&hilit=averages
MT4 version is available here.
viewtopic.php?f=38&t=63454