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