Rainbow Indicator for mt4 - MetaTrader 4 Script - MetaTrader 4 Resources
There are 2 input parameters:
The basic idea is that there are 6 lines: the top is 2*atrmultiplier*atr + HighMA, the second line is atrmultiplier*atr + HighMA... very easy to understand,
Attachment download
📎 rainbowindicator.mq4 (6.94 KB)
Source: MQL5 #47049
Rainbow Indicator for mt4 - MetaTrader 4 script usage and screening suggestions
Rainbow Indicator for mt4 - MetaTrader 4 script is a resource related to foreign exchange indicators. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based only on titles or short-term profit descriptions.
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