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Rainbow Multiple Moving Average (RMMA)

Rainbow Multiple Moving Average (RMMA) MetaTrader indicator — is a very simple but visually informative indicator based on the standard moving average. It draws 66 rainbow-colored moving average lines of your preferred type and price directly in the main window of the chart. This indicator is available for both MT4 and MT5 versions of the trading platform.

Rainbow Multiple Moving Average is a part of the Not So Squeezy indicator system.

Input parameters

  • MA_Type (default = MODE_EMA) — the type of rainbow moving average.
  • MA_Price (default = PRICE_CLOSE) — the price type to use in the MA calculations.
  • MA_Period_NN (default = Varies) — the periods of 66 moving averages.

Example and strategy

Rainbow Multiple Moving Average (RMMA) Indicator Example MetaTrader Chart

Like nearly all moving average indicators, RMMA's main purpose is to indicate trends. However, due to the huge number of moving averages involved, it is able to indicate short-term, medium-term, and long-term trends — all on the same chart.

The colors help both the aesthetics and the practical side of things: when similarly colored MAs move together to form a single bold line, it indicates a powerful support and resistance level.

Download (ver. 1.00, 2022-03-16)

Rainbow Multiple Moving Average for MetaTrader 4 (zipped)Download Rainbow Multiple Moving Average for MetaTrader 4Download Rainbow Multiple Moving Average for MetaTrader 5 (zipped)Download Rainbow Multiple Moving Average for MetaTrader 5Download
 

You can open a trading account with any of the MT4 Forex brokers to freely use the presented here indicator for MetaTrader 4. If you want to use an MT5 version of the indicator presented here, you would need to open an account with a broker that offers MetaTrader 5.

Discussion

 

Warning! If you do not know how to install this indicator, please read the MetaTrader Indicators Tutorial.

Do you have any suggestions or questions regarding this indicator? You can always discuss Rainbow Multiple Moving Average with the other traders and MQL programmers on the indicators forums.

Changelog

1.00 - 2022-03-16

  • First release of Rainbow Multiple Moving Average on EarnForex.com.