Forex Smart Four Rainbow Scalping Strategy
Forex Smart Four Rainbow Scalping Strategy — a MetaTrader 4 indicator kept in the Old Kings collection. As the name suggests, the idea behind it is short scalping trades. Its source code uses moving averages. It draws arrows on the chart and can read another timeframe. It has 40 settings, for example Time Frame (default PERIOD_CURRENT), Show Lines (default Show_Lines) and Show Arrows (default Show_Arrows). Try it on a demo chart first and note how its lines or arrows react to new bars. Inside: 5 indicator files with source code (.mq4) 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 · MT4 · v1.0 · Free
About Forex Smart Four Rainbow Scalping Strategy
Forex Smart Four Rainbow Scalping Strategy is an indicator for MetaTrader 4 based on Moving Average. It draws buy and sell arrows on the chart and can show data from another timeframe (MTF). It has 40 settings, such as Time frame, Show lines and Show arrows. MQL source code included.
Files in the download: 4 RainMA Arrows MTF TT [x4].mq4, 4rainbow.tpl, cci-histogram.ex4, installation manual.txt, MA ShortLines.mq4, PivotsD_v5 (Black).ex4, PivotsD_v5 (Black).mq4.
Settings
| Setting | Default | What it does |
|---|---|---|
| Time frame | PERIOD_CURRENT | Period or timeframe used by the calculation |
| Show lines | Show_Lines | |
| Show arrows | Show_Arrows | |
| Arrows gap | 3 | |
| Arrows signal | MA_Cross_MA | |
| Timeframe | 0 | Period or timeframe used by the calculation |
| Ma period | 34 | Period or timeframe used by the calculation |
| Ma mode | 1 | |
| Ma price type | 0 | |
| Ma color | DodgerBlue | RoyalBlue; |
| Ma width | 2 | |
| Ma style | 0 | |
| Extend ma line | 1 | |
| Show ma label | true | |
| Show ma price | true | |
| Show ma t frame | true | |
| Ma label size | 8 | |
| Ma label shift | 10 | Bar shift (0 = current bar) |
| Ma label font | Vendana | |
| Indicator on | TRUE | |
| Use for forex | TRUE | |
| Use day formula | TRUE | |
| Exit period choices | M1, M5, M15, M30, H1, H4, D1 | Number of bars in the calculation |
| Exit if period greater than | H1 | Number of bars in the calculation |
| _ | ||
| Part 1 | Day Candle & Session Box Settings: | |
| Show day candle | TRUE | |
| Shift day candle right | 49 | Bar shift (0 = current bar) |
| Show today box | TRUE | |
| Today box color | C'0x1E,0x21,0x24' | Colour on the chart |
| Show yesterday box | TRUE | |
| Yesterday box color | C'0x14,0x12,0x29' | Colour on the chart |
| __ | ||
| Part 2 | Pivot Line Start/Stop Settings: | |
| Note1 | Start with fullscreen lines, enter \'1\' | |
| Note2 | Start lines at Day Separator, enter \'2\ | |
| Note3 | Start lines at current candle, enter \'3 | |
| Start lines | 2 | |
| Stop lines at current candle | FALSE | |
| ___ |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 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: Scalping · Buy/Sell Arrows · Multi-Timeframe (MTF) · Moving Average · MT4 Indicator · MQL4 Source Code