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Rainbow Multiple Moving Average (RMMA)
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
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
Example and strategy
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)
Download (ver. 1.00, 2022-03-16)
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
Discussion
Warning! If you do not know how to install this indicator, please read the MetaTrader Indicators Tutorial.
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.
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