Chameleon indicator

Optuma Scripting
1

Has anyone replicated the Chameleon trend indicator and Chameleon oscillator?

Thanks, Jamie

2

Hi Jamie,

Do you know what the parameters are? This is what I’ve found in an old workbook, based on 4 criteria which can be displayed in a Show View:

V1 = MACD(BAR1=12, BAR2=26, OSC=9, DEFAULT=Oscillator) > 0;
V2 = MA(BARS=50, CALC=Open) > MA(BARS=50, CALC=Close);
V3 = ROC(BARS=25) > 0;
V4 = CLOSE() > MA(BARS=50, CALC=Close);

V5 = (V1 + V2 + V3 + V4);

V5

The bar colours correspond to the values, ie red when the value is 0 and bright green for 4. A copy of the workbook can be downloaded below.

Capture
Capture1458×827 44.7 KB

Chameleon.owb (13.4 KB)

3

I believe those are correct for the trend indicator. The Chameleon Oscillator is based on this:

The Chameleon Oscillator is a blend of several indicators and changes colors based on a combination of the indicators’ readings. The Oscillator calculates how many overbought/oversold criteria are being met for three momentum indicators: Bollinger Bands, RSI and Stochastics. The indicator value varies from -6 to 6. It turns bright red when the most overbought conditions are recorded and bright green when most conditions are oversold, with varying shades in between. Specific indicators are:

  1. Bollinger Bands - price relative to one and two standard deviations from the 20-period mean.

  2. RSI - using a traditional 14-period and a faster 9-period lookback and 70/30 overbought/oversold levels.

  3. Stochastics - including both the %D and %DS lines and 80/20 overbought/oversold levels. The default parameters values can be adjusted.

see attached for parameters.

 

Thanks, appreciate your help

chameleon.png
chameleon.png848×471 19.2 KB

4

OK thanks, but we’d need to know the formulas and the respective values to be able to calculate +/-6 ranking system, eg is RSI(14)>70 valued at +1 and RSI(9)<30 at -1, etc?

5

Here is what I came up with?

V1 = CLOSE() > BB(BARS=20, DEFAULT=UpperLine, STDDEV=1.000000);
V2 = CLOSE() < BB(BARS=20, DEFAULT=LowerLine, STDDEV=1.000000);
V3 = CLOSE() > BB(BARS=20, STDDEV=2.000000, DEFAULT=UpperLine);
V4 = CLOSE() < BB(BARS=20, STDDEV=2.000000, DEFAULT=LowerLine);
V5 = RSI(BARS=14) > 70;
V6 = RSI(BARS=14) < 30;
V7 = RSI(BARS=9) > 70;
V8 = RSI(BARS=9) < 30;
V9 = STOCH(TYPE=Fast, BAR1=10, BAR2=3) > 80;
V10 = STOCH(TYPE=Fast, BAR1=10, BAR2=3) < 20;
V11 = STOCH(TYPE=Slow, BAR1=10, BAR2=3, BAR3=3) > 80;
V12 = STOCH(TYPE=Slow, BAR1=10, BAR2=3, BAR3=3) < 20;

V13 = V1 + V3 + V5 + V7 + V9 + V11;
V14 = (V2 + V4 + V6 + V8 + V10 + V12) * -1;

V13 + V14

I wish i had a chart off Bloomberg to compare results?

 

6

Thanks Jamie. I don’t have access to that Bloomberg study to compare, but the formula looks good if put in a Show View.