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Gaussian Rainbow

The Gaussian Rainbow indicator for MT4 displays multiple Gaussian filters for trend identification. This indicator is a great tool for any trader looking to maximize their profits in the Forex market.

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Description

The Gaussian Rainbow indicator for MT4 is a Forex trading tool that displays smoothed price data using a series of Gaussian filters, which creates a rainbow-like pattern. It is used for identifying trend direction, retracement, and ranging (sideways) market conditions.

Thus, the indicator makes it easy for Forex traders to analyze the market trend condition at a glance. Besides, the indicator’s bands are potential support and resistance, which helps traders identify potential trend reversal and continuation setups in the market.

Features of the Gaussian Rainbow Indicator for MT4

The indicator is a multi-time tool that displays a rainbow-like band on the chart, which represents different periods of smoothed price data. The bands are created from several Gaussian filters of different parameters to create a rainbow-like pattern.

Furthermore, the indicator’s parameters are customizable. Therefore, traders can adjust the indicator’s period to suit their trading preferences.

Benefits of Trading with the Indicator

  • Trend Identification: The indicator helps traders to identify the main direction of the market easily. The price above the indicator’s bands suggests a potential bullish movement, while the price below the bands depicts a possible bearish market condition. Additionally, traders can use the indicator to follow the market trend and make objective trading decisions. For instance, traders can trail the stop loss of an open position if the price remains above or below the indicator’s bands.
  • Support and Resistance Zones: As noted above, the outer bands of the Gaussian Rainbow indicator tend to act as potential support for identifying trend reversal and continuation trading opportunities.
  • Reduced Noise: Lastly, the indicator helps reduce market noise (fluctuations) by smoothing out the price data. This reduces the impact of false signals and market noise, thereby improving the accuracy of trend analysis, which helps traders make better market analysis and informed trading decisions.

Indicator Settings Description

The indicator comes with the following customizable settings:

RainbowPeriod: Determines the smoothing period for the Gaussian filters.

GaussianOrder: Defines how the Gaussian filters are applied to smooth the price.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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