Based on Mel Widner’s Rainbow Average (that is similar to Guppy MMA), this is a sort of generalized version with quite a few extensions.
It is a single value indicator (like any other average) that can use calculating depths up to 50. The “depth” refers to recursive way of how rainbow WMA is calculated. While the original Mel Widner’s version was built only for depth 10, and since that was limiting it very much, hence here we have a version in which we can use variable calculating depths too. The larger the “depth” is the smoother the average is too, but the interesting is that the significant trend changes are not lagging too much.
In any case, experimenting with the parameters is advised before using it for trading.
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