The MA Forex Trend Rainbow indicator was designed for Metatrader 4 and draws a trend-following buy & sell rainbow on the chart.
The indicator pops up in the main MT4 chart window as multiple colored moving averages that together form the trend rainbow.
Buy & Sell Trade Example
- Open a buy trade as soon as the candlestick crosses above the MA rainbow (strongly bullish).
- Open a sell trade as soon as the candlestick crosses below the MA rainbow (strongly bearish).
The MA Forex Trend Rainbow indicator can be used for both trade entry and exit or as an additional trend confirmation filter for other strategies and systems.
For scalping, the indicator performs best during the London and New York trading sessions.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “MA_Rainbow.mq4” indicator for MT4
Indicator Chart (EUR/USD M5)
The picture below shows the MA Forex Trend Rainbow mt4 indicator in action on the trading chart.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit strategy when trading with the MA Forex Trend Rainbow indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Moving average
Does the indicator repaint? No.
