The Forex Trend Rainbow indicator for Metatrader 5 is trend-following in nature and consists of multiple moving averages.
The indicator is displayed as brown and green colored moving averages that form the actual rainbow.
How to spot market trends with the Forex Rainbow indicator?
- A green colored rainbow indicates a bullish trend.
- A brown colored rainbow indicates a bearish trend.
The indicator works for any trading instrument (Forex, Stocks, Indices, Metals, etc.) that can be loaded into the Metatrader 5 platform.
Please note that the indicator works for scalping, day trading, and swing trading.
The following indicator inputs and parameters can be modified: step, price, up slope color, down slope color, line width, and line style.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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Trend Rainbow.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Forex Trend Rainbow indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Forex Trend Rainbow Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the Forex Trend rainbow is colored green.
- Open a buy trade and set your stop loss below the low of the green colored rainbow.
- Close the buy trade for a fixed take profit target, or wait for a sell signal (bearish trend reversal).
Sell Signal
- A buy signal is given when the Forex Trend rainbow is colored brown.
- Open a buy trade and set your stop loss above the high of the brown colored rainbow.
- Close the sell trade for a fixed take profit target, or wait for a buy signal (bullish trend reversal).
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Trend Rainbow.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Trend Rainbow.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration