Welcome, traders! Today, let's dive into the fascinating world of the Rainbow Indicator for MetaTrader 5. This tool features a whopping sixty moving averages, each with gradually changing periods, all displayed on a single chart. It's like having a rainbow of data right at your fingertips!
Customizing Your Indicator
To get started, you'll want to adjust the input parameters according to your trading strategy:
input Smooth_Method XMA_Method=MODE_EMA; // Choose your averaging method input uint StartLength=2; // Initial depth for averaging input uint StartStep=2; // Starting step for average adjustments input uint EndStep=6; // Final step for average adjustments input int XPhase=15; // Adjust this averaging parameter // JJMA varies from -100 to +100 to influence transient quality input Applied_price_ IPC=PRICE_QUARTER_;// Set your price constant input int Shift=0; // Shift indicator horizontally in bars input int PriceShift=0; // Shift indicator vertically in points
Understanding the Indicator's Functionality
The Rainbow Indicator utilizes classes from the SmoothAlgorithms.mqh library. If you're interested in learning more about working with these classes, check out the detailed article on "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".
Fig.1. The Rainbow indicator
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