It is well known that MT4 is limited to the number of lines that can be drawn in a single indicator, this family of lines is drawn out in 3 different indicators which work together to provide you with a full array of highs, lows and median lines from all timeframes. the significance of this makes for a suitable series of support and resistance lines for evaluating price movement.
My theory here is that when the price is moving toward a price level where 2 or more price lines are draw, there will be heavy resistance to cross the lines and typically the price will rebound to previous location. If not, the price has a tendency to flow through the level of resistance. If you couple this with Bollinger Bands, something interesting shows up, explore, take a look for yourself.
MT4 Indicator Download – Instructions
HML Rainbow is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
HML Rainbow provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install HML Rainbow.mq4?
- Download HML Rainbow.mq4
- Copy HML Rainbow.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on HML Rainbow.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator HML Rainbow.mq4 is available on your Chart
How to remove HML Rainbow.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
MT4 Indicators Download below: