The free Rainbow Trend MTF indicator for Metatrader 4, also known as the Guppy Forex indicator is based on a set of colored moving averages.
It’s a trend-following indicator that works on any time frame of your preference.
The indicator works on MTF (multiple time frames) that can be loaded by editing the inputs.
Key Points:
- A strong bullish trend occurs when the candlestick is positioned above the MTF rainbow.
- A strong bearish trend occurs when the candlestick is positioned below the MTF rainbow.
Free Download
Download the “asmfi-rainbow-mtf-indicator.ex4” indicator for MT4
Indicator Example Chart (EUR/USD H1)
How to trade with it (example)?
Open a buy trade position as soon as the candlestick closes above the MTF rainbow from below.
Open a sell trade position as soon as the candlestick closes below the MTF rainbow from above.
Exit the trade for a fixed profit target or wait for an opposite trading signal.
Feel free to use your own favorite trading method to open and close trades with the Rainbow Trend MTF Forex indicator.
Indicator Specifications
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: History, time frame, start period, plus period, KOEF, color settings & style
Indicator type: Trend
Repaint? Does not repaint the Rainbow moving averages.
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Download the “asmfi-rainbow-mtf-indicator.ex4” indicator for Metatrader 4
Installation:
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the asmfi-rainbow-mtf-indicator.ex4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.
