OPEN-SOURCE SCRIPT

BEST Rainbow Chart

Hello traders

This script is a Pinescript adaptation of this FXCM/LUA script

Draws a flexible number of moving averages between 1 and 5 - with a end result looking like a rainbow

Formula

Each Moving Average is defined as a Moving Average of the previous MA
The first MA is based on candle close

MA[1] = MA of Price
MA[2] = MA of MA[1]
....
MA[n]= MA of MA[n-1]

Bonus

You can select the MA type (EMA, SMA, SMMA, TEMA, DEMA, TMA, ALMA, VWMA, ...) and the MA period shared across all the moving averages

Scaling

If you have any issue with your scaling, you may follow this quick tutorial

Hope you'll like it because it looks nice on your chart :)
Dave

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

For quick access on a chart, add this script to your favorites — learn more here.

Daveatt

⭐️ Listed as an Official TradingView Trusted TOP Pine Programmer

📧 Coding/Consulting Inquiries: dave@best-trading-indicator

Telegram: Daveatt

⏩ Course: best-trading-indicator.com

Twitter: twitter.com/bti_trading

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Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Open-source script

For quick access on a chart, add this script to your favorites — learn more here.

Daveatt

Also on: