The Rainbow Arrows V1 indicator for Metatrader 4 is a fantastic trend trading indicator.
It follows the overall trend and delivers buy and sell arrows directly on the main trading chart.
- A green arrow represents a buy signal
- A red arrow represents a sell signal
Rainbow Arrows V1 keeps delivering additional buy/sell signals in the direction of the overall trend.
As shown on the chart below, the indicator can make you awesome pips.
There are some options and parameters that can be modified from the indicator’s inputs tab.
Feel free to modify them to suit your preferences.
The EUR/USD H1 chart below displays the Rainbow Arrows V1 Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the Rainbow Arrows V1 MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Buy the pair when a green Rainbow Arrows V1 buy arrow appears on the chart. Place a stop below support.
Sell Signal: Sell the pair when a red Rainbow Arrows V1 sell arrow appears on the chart. Place a stop above resistance.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (fast MA settings, MA type, count bars) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: trend signals
Copy and paste the RainbowArrows_V1.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)