The Rainbow Volume Metatrader 5 custom indicator is used to gauge the volume and size of the market and also assess the market’s quantitative ease or complexity.
The Rainbow Volume MT5 indicator is a visually appealing technical study with a display of five uniquely colored (green, blue, red, golden, and pale gray) vertical bars.
The indicator has a single input variable parameters i.e. period, and has a default value of 10.
The color scheme of the Rainbow_Volume MT5 custom indicator depicts the following:
When the color of the vertical bars is green, it is indicative of increasing volume and growing price;
When the color of the Rainbow_Volume custom Metatrader 5 indicator is sky blue, volume is said to be experiencing decline, while price is said to be falling.
When the color of the Rainbow_Volume MT5 indicator is red, volume is said to be increasing while price is at the same time declining.
When the color of the Rainbow_Volume MT5 indicator is pale gray, volume or price are said to be in a state where there are likely no changes.
The Rainbow_Volume custom Metatrader 5 indicator compares the current data with the data as of N periods ago.
The indicator has a single input parameter:
Period – is a variable that defines the period of calculation.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Period), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the Rainbow_Volume.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)