The Rainbow Multiple EMA Indicator
It is based on Multiple EMA indicators. The idea is that how to display multiple Exponential Moving Averages on the chart easily without placing them one by one. It has also BLUE-RED trend lips to define UPTREND and DOWNTREND whichas BLUE is UPTREND and RED is DOWNTREND.You can change the colors by going to Indicator properties --- colors.
There are 2 external setting. They are Period and Shift. When you change them (period and or shift ) then all will automatically adjust.
For any currency pairs and any timeframes.
- Period: the number of bars used for the indicator calculations. Default: 99 used for TF M5
- Shift: The number of bars used for the indicator to shift backward ( the value=negative) or shift forward (the value=positive)
Recommended timeframe M5-M15 for the default setting.