Forex HML Rainbow Indicator
Forex HML Rainbow Indicator:
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.
What does Forex Indicator mean?
A forex indicator is a statistical tool that currency traders use to make judgements about the direction of a currency pair’s price action. Forex indicators come in many types, including leading indicators, lagging indicators, confirming indicators and so on. Popular forex indicators include moving averages, relative strength index (RSI) and average true range (ATR). A forex trader must choose the indicators that fit his or her trading strategy.
How to install Forex HML Rainbow Indicator?
- Download Forex HML Rainbow Indicator.zip
- Copy mq4 and ex4 files to your Metatrader Directory / experts / indicators /
- Copy tpl file (Template) to your Metatrader Directory / templates /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your forex indicator
- Load indicator on your chart
How to uninstall Forex HML Rainbow Indicator?
To shut down an indicator, one has to remove it from the chart. At that, its drawing and recalculation of its values will stop. To remove an indicator from the chart, one has to execute its context menu commands of “Delete Indicator” or “Delete Indicator Window”, or the chart context menu command of “Indicators List – Delete”.