E-Rainbow - trend indicator
The e-Rainbow or Rainbow indicator - popular among traders and effective indicator. Its name comes from its extravagant appearance, which combines a large number of multi-colored lines indicating the development of the trend movement at the moment.
If the lines e-Rainbow indicator diverge, forming a kind of wave, then we should talk about an increase in the strength of the trend in the market. If the indicator lines converge into a thin line, then we are witnessing a flat.
ForTrader.org comments: e-Rainbow indicator - One of the progressive trend indicators, which is great for trend work. It also works well as part of a trend trading strategy.