The Multiple Rainbow indicator displays 100 moving averages with ascending lookback periods. The default lookback period for the fastest moving average is set to 12 and can be changed as per user preference.
Indicator Description
The Multiple Rainbow Filter offers a selection of moving averages as input series. The 100 moving average periods are generated by a an increasing increment. If you set the increment to 2, each subsequent moving average will increase accordingly, i.e. MA16, MA18, MA20… until MA206 MA208 and MA210.
However, as opposed to the other Multi Series indicators, it does not include the Adaptive Laguerre, Distant Coefficient Filter, Moving Mean TPO, Moving Median TPO, Moving Mode TPO, Moving Mean VWTPO, Moving Median VWTPO, Moving Mode VWTPO nor the Holt EMA , as it would require an excess of CPU resources when applied to 100 moving averages.
Other Library Indicators
The Multiple Rainbow Filter it is best used in combination with other tools for technical analysis, such as momentum oscillators, support / resistance and volume indicators. For momentum oscillators, you may review the Acceleration Deceleration, Awesome Oscillator, LBR 3/10 Oscillator, Slow RSI or the TDI. The Indicator Spotlight newsletter reviewed the TDI indicator here.
For support resistance indicators, you may review the Standard Daily Pivots / Camarilla Pivots Daily / Rolling Daily Pivots, Standard Weekly Pivots / Camarilla Pivots Weekly / Rolling Weekly Pivots, Standard Monthly Pivots / Camarilla Monthly Pivots / Rolling Pivots Monthly and the Standard N-Monthly Pivots / Camarilla N-Monthly Pivots. Additional information on that can be found in our Indicator Spotlights on the Daily Pivot Levels.
For volume analysis you may review Better Volume, Force Index or the Relative Volume indicator.
Other indicators from the trend analyis category include the ADX, ADXVMA, ADXVMA Plus, ADXR, Directional Movement (DM), Directional Movement Index (DMI) and the Efficiency Ratio. Additionally, you may want to review our moving averages and trend filter indicators, such as the Exponential Hull Moving Average, Moving Average Wave, MA Cross, Sine WMA, Butterworth Filter, Gaussian Filter and the Supersmoother Filter.
NinjaTrader Indicators library also features a Rainbow Oscillator.
The Multiple Rainbow Filter indicator is available for NinjaTrader 8.
