Rainbow indicator for mt5
Rainbow indicator for mt5 MT5 indicator for multiple cycles. The indicator helps to identify potential trading opportunities in different time frames.
There are 2 input parameters:
- AtrMultiplier: The lines will have this* the current Atr value distance from the moving averages.
- Period: High and Low moving average, Atr period.
The basic idea is to have 6 lines: upper will be 2*atrmultiplier*atr +HighMA, second then atrmultiplier*atr + HighMA… Very easy to understand,
I’ve also made a video about it for beginners to help understand the writing of an indicator in mql:
How to install Rainbow indicator for mt5 Indicator in MetaTrader 5 Forex Trading Platform?
- Extract the downloaded Rainbow indicator for mt5 Indicator.zip file.
- In the MetaTrader 5 trading platform, go to the “File” menu and click “Open Data Folder”.
- Navigate to the MQL5 folder and open the Indicators folder.
- Paste the Rainbow indicator for mt5 Indicator.ex5 file(s) into the Indicators folder.
- Restart the MetaTrader 5 platform.
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