Rainbow Multiple Moving Average MetaTrader indicator — is a straightforward but visually informative forex indicator based on the standard moving average. It draws 66 rainbow-colored forex moving average lines of your preferred type and price directly in the main window of the trading chart. This indicator is available for MT4 and MT5 versions of the meta trading platform.
Rainbow Multiple forex Moving Average is a part of the Not So Squeezy forex indicator system.
- MA_Type (main default = MODE_EMA) — the type of rainbow moving average.
- MA_Price (primary default = PRICE_CLOSE) — the price type to use in the MA calculations.
- MA_Period_NN (main default = Varies) — the periods of 66 moving averages.
Example and strategy
Like nearly all moving average indicators, RMMA’s primary purpose is to indicate trends. However, due to the significant number of moving averages involved, it can indicate short-term, medium-term, and long-term market trends — all on the same chart.
The colors help both the aesthetics and the practical side of things. Similar colored MAs move together to form a single bold line, indicating powerful support and resistance level.
Rainbow Multiple Moving Average Forex Indicator Downloads
You can open a real trading account with any MT4 Forex brokers to freely use the presented forex indicator for MetaTrader 4. If you want to use a forex MT5 version of the indicator shown here, you must open an account with a good broker that offers MetaTrader 5.
Warning! If you do not know how to install this forex indicator, please read the MetaTrader Indicators Tutorial.
Do you have any more suggestions regarding this forex indicator? You can always discuss Rainbow Multiple forex Moving Average with the other traders and MQL programmers on the indicators forums.