rainbow volume
Info
The rainbow volume is a Indicator for MetaTrader 5 that the indicator displays a colored tick-volum histogram by five criteria:increase in volume and grwoing price (default color is green); decrease in volume and falling price (default color is sky blue); increase in volume and falling price (default color is red); decrease in volume and growing price (default color is golden); there are no changes in either volume or price (dafault color is pale gray). the indicator compares the current data with the data as of n periods ago.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use rainbow volume
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
the indicator displays a colored tick-volum histogram by five criteria:increase in volume and grwoing price (default color is green); decrease in volume and falling price (default color is sky blue); increase in volume and falling price (default color is red); decrease in volume and growing price (default color is golden); there are no changes in either volume or price (dafault color is pale gray).
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Footprint X Ray: Advanced Order Flow and Volume Delta Analysis - another powerful indicator for MetaTrader 5 traders.
Also recommended: Volume Strength Compass by Bhanu Code Lab - similar indicator with strong performance on MetaTrader 5.
the indicator displays a colored tick-volum histogram by five criteria:increase in volume and grwoing price (default color is green);
decrease in volume and falling price (default color is sky blue);
increase in volume and falling price (default color is red);
decrease in volume and growing price (default color is golden);
there are no changes in either volume or price (dafault color is pale gray).
the indicator compares the current data with the data as of n periods ago.
it has one input parameter:
period
- calculation period.
You may also like: Rainbow Ranga - AKM Trading Tool - excellent alternative for indicator users on MetaTrader 5.
Source Code
/.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.