Rainbow
Rainbow is an indicator for MetaTrader 4 from the Old Kings collection. Its source code uses moving averages. It draws arrows on the chart and can send alerts. It has 14 settings, for example Faster EMA (default 4), Slower EMA (default 8) and Sound ON (default true). Try it on a demo chart first and note how its lines or arrows react to new bars. Inside: 16 indicator files with source code (.mq4) you can open and edit in MetaEditor and a PDF guide. 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 Rainbow
Rainbow is an indicator for MetaTrader 4 based on Moving Average. It draws buy and sell arrows on the chart and can alert you with a pop-up, sound, email or push message. It has 14 settings, such as Faster ema, Slower ema and Sound on. MQL source code included.
Files in the download: EMA Crossover Signal.mq4, Fibonacci Pivots.mq4, Laguerre.mq4, Pivot Points Multitimeframe.mq4, RainbowMMA_01.mq4, RainbowMMA_02.mq4, RainbowMMA_03.mq4, RainbowMMA_04.mq4 ….
Settings
| Setting | Default | What it does |
|---|---|---|
| Faster ema | 4 | |
| Slower ema | 8 | |
| Sound on | true | Turn this alert on or off |
| Gamma | 0.66 | |
| Count bars | 950 | |
| Midpivots | false | |
| Fhr | false | |
| Daily | true | |
| Weekly | true | |
| Monthly | true | |
| Period1 | PERIOD_D1 | Number of bars in the calculation |
| Period | 80 | Period or timeframe used by the calculation |
| Method | 3 | MODE_SMA |
| Price | 0 | PRICE_CLOSE |
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: Buy/Sell Arrows · Alerts · Moving Average · MT4 Indicator · MQL4 Source Code