Super Rainbow Forex Trend Indicator For Metatrader 4
The Super Rainbow Forex trend indicator represents an awesome trend-following system that will make you daily pips.
It’s a popular trading indicator among currency traders.
The Forex Rainbow system itself is easy to trade and its trend logic goes as follows:
- The currency trend is considered bullish when the Rainbow turns back above the thick blue Sigma line.
- The currency trend is considered bearish when the Rainbow turns back below the thick blue Sigma line.
You can create your own Rainbow signals. Simply edit the parameters and accompanying values found in the indicator’s inputs menu.
Deploy the Super Rainbow MT4 indicator for scalping, day trading and swing trading.
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Super Rainbow Forex Trend 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 Super Rainbow Forex Trend Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a buy order when the complete Rainbow turns back above the thick blue Sigma line from below.
Place initial stop loss below previous support, or use your own stop loss placement method.
Close the buy trade when the Rainbow turns back below the blue Sigma line. The trend reversed to bearish.
Alternatively, exit the Rainbow Forex buy trade for a fixed take profit target, for example, 20 pips on the 1-minute scalping chart.
Sell Trigger: Open a sell order when the complete Rainbow turns back below the thick blue Sigma line from above.
Place initial stop loss above previous resistance, or use your own stop loss placement method.
Close the sell trade when the Rainbow turns back above the blue Sigma line. The trend reversed to bullish.
Alternatively, exit the Rainbow Forex sell trade for a fixed take profit target, for example, 40 pips on the 15-minute day trading chart.
Tip: Aim for a larger profit outlook on the higher time frames (H1, H4, D1)!
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Periods 1-10, Sig MA, Sig Mode, 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.