The Rainbow MT4 indicator is a beautifully colored trend-following Forex indicator that puts you at the right side of the trend.
It’s basically a set of 15 Moving Averages with different periods and colors.
The Rainbow Metatrader 4 indicator works well for any trade style and any time frame.
It’s very simple to buy and sell currency pairs with the Rainbow.
- A buy trend occurs when the Rainbow Moving Averages are positioned to the upside (Rainbow is rising).
- A sell trend occurs when the Rainbow Moving Averages are positioned to the downside (Rainbow is declining).
Take a look at the different parameters and settings, you can modify them from the Rainbow indicator’s inputs tab.
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Rainbow Trend Forex Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
You can apply the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With Rainbow Trend Forex Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Initiate a buy trade order when the Rainbow Trend Forex indicator turns position from down to up (see the AUD/CAD M15 chart for an example).
Place initial stop loss 3 pips below support, or use your own stop loss placement method.
Exit the Rainbow buy trade at predetermined profit target (for example 30 pips on the M5 chart) or deploy reward/risk ratio of 2.0 or better.
Sell Trigger: Initiate a sell trade order when the Rainbow Trend Forex indicator turns position from up to down.
Place initial stop loss 3 pips above resistance, or use your own stop loss placement method.
Exit the Rainbow sell trade at predetermined profit target (for example 80 pips on the H1 chart) or deploy reward/risk ratio of 2.0 or better.
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History, time frame, plus period, line size, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, RSI,…)
- Trend indicators (Moving Average, Bollinger Bands, ADMI,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: trend
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.