Rainbow Indicator Bands Built from ATR and a High Moving Average

Summary

This brief description introduces a MetaTrader 5 indicator with two input parameters. Its stated construction uses six lines positioned at increasing multiples of an ATR-based offset around a high-price moving average. The outer line is described as two times the ATR multiplier times ATR above the high moving average, with subsequent lines using smaller multiples. This implies a layered band indicator, though the text does not specify every line’s formula or show how to interpret crossings or band touches.

No trading rules, chart examples, parameter values, test results, or performance evidence are provided. The brief explanation is enough to convey the general indicator construction, but not enough to evaluate whether the bands produce useful signals or how they should be applied. It should be treated as a technical-indicator description rather than a documented trading strategy.

Key ideas

• The MT5 indicator is described as having two input parameters.
• It plots six lines using ATR-based offsets around a high-price moving average.
• The outer band is described as two ATR-multiplier units above the moving average, with inner lines at smaller offsets.
• The document provides no trading rules, test results, or full formula details.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.