Averages Rainbow Indicator
Averages Rainbow Indicator is an indicator for MetaTrader 5 from the Old Kings collection. It has 9 settings, for example Avg Method (default ma_ema), Avg Averages (default 50) and Avg Period Start (default 10). Attach it to a chart to see what it draws, then compare it with price on a few timeframes. Inside: 1 indicator file with source code (.mq5) you can open and edit in MetaEditor. Old Kings are classic community tools shared as-is. Not tested by PolyMaria. Try it on a demo account first. Are you the author of this tool? Message us on Telegram (@abumarket_support) and we will credit you or take it down.
Indicator · MT5 · v1.0 · Free
About Averages Rainbow Indicator
Averages Rainbow Indicator is an indicator for MetaTrader 5. It has 9 settings, such as Avg method, Avg averages and Avg period start. MQL source code included.
Files in the download: averages-rainbow-indicator.mq5.
Settings
| Setting | Default | What it does |
|---|---|---|
| Avg method | ma_ema | Average method |
| Avg averages | 50 | Averages No. |
| Avg period start | 10 | Starting average period |
| Avg step | 2 | Step to increase consecutive averages |
| Avg price | pr_close | Price |
| Color up | clrDeepSkyBlue | Color for slope up |
| Color dn | clrSandyBrown | Color for slope down |
| Lines width | 0 | Averages lines width |
| Lines style | STYLE_SOLID | Averages lines style |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 5 open File → Open Data Folder, then go to MQL5 → Indicators.
- Copy the .mq5 file(s) there. Put any .mqh files in MQL5 → Include.
- Open the .mq5 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: MT5 Indicator · MQL5 Source Code