The Rainbow Arrows V1 indicator for Metatrader 4 is a fantastic trend trading indicator.
It follows the overall trend and delivers buy and sell arrows directly on the main trading chart.
- A green arrow represents a buy signal
- A red arrow represents a sell signal
Rainbow Arrows V1 keeps delivering additional buy/sell signals in the direction of the overall trend.
As shown on the chart below, the indicator can make you awesome pips.
Some options and parameters can be modified from the indicator’s inputs tab.
Feel free to modify them to suit your preferences.
Free Download
Download the “RainbowArrows_V1.ex4” MT4 indicator
Indicator Chart (EUR/USD H1)
The EUR/USD H1 chart below displays the Rainbow Arrows V1 Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the Rainbow Arrows V1 MT4 forex indicator are easy to interpret and go as follows:
Buy Signal: Buy the pair when a green Rainbow Arrows V1 buy arrow appears on the chart. Place a stop below support.
Sell Signal: Sell the pair when a red Rainbow Arrows V1 sell arrow appears on the chart. Place a stop above resistance.
Download Now
Download the “RainbowArrows_V1.ex4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (fast MA settings, MA type, count bars) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: trend signals
