MT5 Rainbow Oscillator Indicator
Platform: MT5 Type: Oscillator Last update: February 22, 2026The Rainbow Oscillator Indicator for MT5 is based on the Mel Widner’s Rainbow Average, but this version displays both histogram bars and oscillator line.
Example chart:
How to use the MT5 Rainbow Oscillator Indicator?
The goal of the Rainbow Oscillator Indicator for MetaTrader 5 is recognizing and showing trends in the market.
Blue color corresponds to bullish trend and red color suggests bearish bias. Pay attention to the width of the oscillator to determine how strong the momentum is at given moment.
What’s more, you can use the indicator to assess overbought and oversold conditions too (there are dynamic levels that depend on the market fluctuactions).
