Description :

Rainbow EA MT5 is a simple Expert advisor based on  Rainbow MT5 indicator witch is based on Moving average with period 34.

The indicator is incorporated in the EA, therefore, it is not required for the EA to operate, but if you wish, you can download it from my product page.

Suitable for Timeframes up to H1

The parameters below can be set according to your trading rules.

• StopLoss ( Stop Loss in pips)
• TakeProfit ( Take Profit in pips )
• Magic number : ( set to 673291 )
• Maximum Trade Duration ( in Bars )
• Minimum Trade Duration ( in Bars )
• TradeSize : 1.0 ( Trade size )
• Maximum Slippage ( set to 3 )
• MaxOpenTrades : 1 ( Maximum open trades per currency pair )
• Hedging : true ( Hedging mode )

For 5-digit brokers : 1 Point=0.00001 and 1 Pip=0.0001 => 10 Points=1 Pip

For 4-digit brokers : 1 Point=0.0001 and 1 Pip=0.0001 => 1Points=1Pip

If your account type is Netting then set Hedging mode to false.