How To Add Rainbow Indicators on MT4 Stock Indexes Charts
Step 1: Open the Indices Trading Platform Navigator Window
Open the Navigator window as shown below; Go to “View” menu (click), then select the “Navigator” window (click), or From Standard Toolbar click the “Navigator” button or press short cut keyboard keys “Ctrl+N”
On the Navigator window, select “Indicators”, (Double Click)
How to Add Rainbow Stock Indexes Indicator on MT4 - MetaTrader 4 Rainbow Indices Indicator
Adding Rainbow MetaTrader 4 Indices Technical Chart Indicator
Expand the menu by clicking the expand button marker (+) or double click the “indicators” menu, after this the button will appear as (-) and will now display a list as shown below - select the Rainbow stock indices chart indicator from this list of stock indices indicators so as to add the Rainbow stock indexes technical indicator on the stock indexes trading chart.
From the Above window you can then place Rainbow indicator that you want on the Indices Trading chart
How to Put Custom Rainbow Indicator on MetaTrader 4 and How to Install Rainbow Indicator MetaTrader 4
If the stock indices indicator you want to add is a custom indicator - for example if the Rainbow indicator you want to add is a custom indicator you will need to first add this custom Rainbow indicator on the MT4 stock indexes trading platform and the compile the custom Rainbow indicator so that the newly added Rainbow custom indicator appear on the list of custom indicators on the MetaTrader 4 stock indexes trading platform.
To learn how to install Rainbow indicators on MetaTrader 4, how to add Rainbow indicator window to MetaTrader 4 and how to add Rainbow custom indicator on MT4 stock indexes trading platform - How to add a custom Rainbow indices trading Indicator on MT4.
About Rainbow Indices Indicator Tutorial
Rainbow Charts Indices Technical Analysis and Rainbow Charts Indices Trading Signals
Developed by Mel Widner
This is a indices trend following indicator, similar to the moving averages - it is drawn using a 2 period simple moving average. The moving average is then smoothed to create a total of ten moving averages. The first moving average is the basis, then the next moving average is calculated using the first one, the third is then calculated using the second one and so on. This forms a rainbow shape of the indices trend, each moving average is applied with a different colors so as to look as a rainbow.
Indices Technical Analysis and Generating Indices Trading Signals
Bullish Trend/ Upward Trend
When the indices trend in the Indices Trading market is Upward/bullish trend, then the rainbow will be moving upwards, the least smoothed line will be at the top of the indicator, this is the red line and the major smoothed line will be at the bottom of the indicator, this is the violet line.
Bearish Market/Downward Trend
When the Indices trend is a bearish downward then the rainbow charts will be moving downwards, the major smoothed line (Violet) will be at the bottom and the least smoothed line (Red) will be at the top.
Indices Trend Continuation Signal
As the indices trend continues in one direction up or down, the rainbow charts follow the stock indexes price closely. The more the stock indexes price moves away from the rainbow chart the more the indices trend is likely to continue, this is considered as a indices trend continuation signal. The indicator lines will also continue to expand its width; this is also another indices trend continuation signal.
Indices Trend Reversal Signal
When stock indexes price starts moving towards the rainbow charts then this is seen as a indices trend reversal indices signal. The width of the indicator lines also contracts signifying a indices trend reversal indices signal. The reversal Signal is confirmed when the stock indexes price penetrates through all the rainbow charts and the direction of the rainbow charts also reverses in their respective direction.