How to Add MT5 Rainbow Charts Indicator on MT5 Charts
Step 1: Open MetaTrader 5 Platform Navigator Panel
Open MetaTrader 5 Navigator window as explained on the MT5 example below: Go to 'View' menu (click), then choose the 'Navigator' window (click), or From Standard Toolbar click the 'Navigator' button or press keyboard MT5 shortcut keys 'Ctrl+N'
On MT5 Navigator window, select "Indicators", by Double Clicking
How Do You Use MT5 Rainbow Charts Technical Indicator in MT5?
How to Add Rainbow Charts MT5 Indicator
Expand the menu by clicking the expand button (+) or double click the 'indicators' menu, after this the button will be displayed as (-) and will now display MT5 indicators list as explained on the MT5 example below - select the Rainbow Charts technical indicator from this list of MT5 indicators so that you can add the Rainbow Charts MT5 technical indicator on the MT5 forex chart.
How Do You Use MT5 Rainbow Charts Technical Indicator in MT5?
How to Place Forex Custom Rainbow Charts Indicator on MT5
If the MT5 indicator that you want to add on the MT5 charts is a custom MT5 technical indicator - for example if the Rainbow Charts technical indicator that you want to add is a custom MT5 technical indicator you will need to first add this custom Rainbow Charts MT5 technical indicator on the MT5 platform & then compile custom Rainbow Charts technical indicator so that the newly added Rainbow Charts MT5 custom indicator pops up on the list of custom technical indicators on the MT5 software.
To learn how to add Rainbow Charts indicators on MT5 platform - how do you add Rainbow Charts indicator window to MT5 platform? - how do you add Rainbow Charts forex custom indicator on MT5 platform? - How to add custom Rainbow Charts custom forex indicator on MT5.
How Do You Use Rainbow Charts MT5 Indicator?
Rainbow Charts Indicator Technical Analysis Buy & Sell Signals
Developed by Mel Widner
Rainbow Charts indicator is a forex trend following forex indicator, similar to the moving averages forex indicator - Rainbow Charts indicator is drawn using a 2 period simple moving average. The moving average is then smoothed to create a total of ten forex moving averages - Rainbow Charts indicator. The first moving average is the basis of the Rainbow Charts indicator, then the next moving average is calculated using the first one, the third moving average is then calculated using the second one and so on. This forms a rainbow shape of the forex price trend, each moving average is applied with a different color so as to resemble a rainbow - Rainbow Charts indicator.
How to Add MT5 Rainbow Indicator on MT5 Charts
How to Generate Buy & Sell Signals
Upward Forex Trend
When the forex trend is bullish upwards forex trend - then the Rainbow Charts indicator will be moving upwards, the least smoothed line will be at the top of the Rainbow Charts indicator - the red line and the major smoothed line will be at the bottom of the Rainbow Charts indicator - the violet line.
Downward Forex Trading Trend
When the forex trend is bearish downwards forex trend then the Rainbow Charts indicator will be moving downwards, the major smoothed Rainbow Charts indicator line (Violet Line) will be at the bottom and the least smoothed Rainbow Charts indicator line (Red Line) will be at the top of the Rainbow Charts indicator.
Bullish Forex Trend and Bearish Trend Rainbow Charts Indicator
Forex Trend Continuation Signal
As the forex trend continues in one direction upwards or downwards - the Rainbow Charts indicator follows the forex price closely - the more the forex price moves away from the Rainbow Charts indicator the more the forex trend direction is likely to continue - this is interpreted as a forex trend continuation signal. The Rainbow Charts indicator lines will also continue to expand in width - this is also another forex trend continuation signal.
Forex Trading Trend Reversal Signal
When forex price starts moving towards the Rainbow Charts indicator - then this is interpreted as a forex trend reversal signal. The width of the Rainbow Charts indicator lines also contract and this is also another forex trend reversal signal. The forex trend reversal signal is confirmed when the price penetrates through all the Rainbow Charts indicator lines and the direction of the Rainbow Charts indicator also reverses in their respective direction.
How Do You Use MT5 Rainbow Charts Technical Indicator in MT5?
