Rainbow - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

There are 60 moving averages with gradually changing periods on a single chart.

Indicator input parameters:

 Enter Smooth_Method XMA_Method= Mode_EMA ; // Average method
Input unit starting length = 2 ; // first average depth
Input units start step = 2 ; // start step for average change
Input units end step = 6 ; // Last step of average change
Input integer X phase = 15 ; // Average parameter // For JJMA, it varies in the range -100 ... +100 and affects the quality of the transient process; // For VIDIA it is the CMO period, for AMA it is the slow averaging period
Enter Applied_price_IPC=PRICE_QUARTER_; // price constant
Enter integer shift = 0 ; // indicator moves horizontally (in bars)
Enter integer price change = 0 ; // Vertical indicator moving points

The indicator uses classes from the SmoothAlgorithms.mqh library. How to use these classes is described in detail in the article "Average price series for intermediate calculations without using additional buffers" .

Figure 1. Rainbow indicator

Attachment download

📎 smoothalgorithms.mqh (130.19 KB)

📎 rainbow.mq5 (10.71 KB)

Source: MQL5 #13031

Rainbow - Important points before using the MetaTrader 5 script

This page has been supplemented with structured instructions, focusing on the purpose of trading scripts, MT4/MT5 platform compatibility, testing procedures and risk control. Before downloading or deploying, it is recommended to first determine whether it is consistent with your own variety, cycle and account environment.

Suitable for who to use

• Users who want to quickly screen trading scripts and are willing to do simulation verification first.
• People who need to compare MT4/MT5 EAs, indicators, scripts or source code projects.
• Traders who wish to record backtests, parameters and risk boundaries before placing a trade.

Testing and risk control suggestions

• First verify the default parameters in the strategy tester or demo account, and then adjust the symbol, period, spread and trading period one by one.
• Scalping, grid, martin, and high-frequency strategies should focus on observing maximum drawdowns, consecutive losses, slippage, and trading frequency.
• It is not recommended to run any document directly on the real disk. At least observe the simulated disk performance for 2-4 weeks first.

FAQ

Can MT4 and MT5 be used interchangeably?
Usually cannot be used directly. EX4/MQ4 corresponds to MT4, EX5/MQ5 corresponds to MT5, and the source code needs to be compiled in the corresponding MetaEditor.

Is this resource guaranteed to be profitable?
cannot. EAs, indicators and scripts can only be used as trading tools, and the results depend on parameters, market environment, spreads, slippage and risk control.

What else can I continue to watch?
Forex EA download , foreign exchange indicator download , EA evaluation , MQL5 CodeBase .

English Search Notes

This page is also optimized for English search intent around Rainbow - MetaTrader 5 script . Related search terms include: trading script, MT4 script, MT5 script. Test any Forex EA, Expert Advisor, MT4/MT5 indicator, script or MQL source code with historical data and a demo account before live trading.