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Rainbow Volume Metatrader 5 Forex Indicator

    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.

    Free Download

    Download the “Rainbow_Volume.ex5” MT5 indicator

    Example Chart

    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.

    Download

    Download the “Rainbow_Volume.ex5” Metatrader 5 indicator

    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

    Type: Volume

    Installation

    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)