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Rainbow EA MT5

Description :

Rainbow EA MT5 is a simple Expert advisor based on  Rainbow MT5 indicator witch is based on Moving average with period 34.

The indicator is incorporated in the EA, therefore, it is not required for the EA to operate, but if you wish, you can download it from my product page.

The Expert Advisor settings are as follows :

Suitable for Timeframes up to H1


The parameters below can be set according to your trading rules.

  • StopLoss ( Stop Loss in pips)
  • TakeProfit ( Take Profit in pips )
  • Magic number : ( set to 673291, is the  EA identifier. When running multiple instances of the same EA on one currency pair, this value should be changed for each instance )
  • Maximum Trade Duration ( in Bars )
  • Minimum Trade Duration ( in Bars )
  • TradeSize : 1.0 ( Trade size )
  • Maximum Slippage ( set to 3 )
  • MaxOpenTrades : 1 ( Maximum open trades per currency pair )
  • Hedging : true ( Hedging mode )

Some clarification to remember :

For 5-digit brokers : 1 Point=0.00001 and 1 Pip=0.0001 => 10 Points=1 Pip

For 4-digit brokers : 1 Point=0.0001 and 1 Pip=0.0001 => 1Points=1Pip

If your account type is Netting then set Hedging mode to false. 



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Version 2.0 2024.02.13
In this version the EA uses a fixed TakeProfit and a Trailing Stop on H1 chart. The Trailing Stop is set as follows :
For Buy orders : Bid price-ATR*ATR_Multiplier
For Sell orders : Ask price+ATR*ATR_Multiplier