HML Rainbow

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HML Rainbow

It is well known that MT4 is limited to the number of lines that can be drawn in a single indicator, this family of lines is drawn out in 3 different indicators which work together to provide you with a full array of highs, lows and median lines from all timeframes. the significance of this makes for a suitable series of support and resistance lines for evaluating price movement.

My theory here is that when the price is moving toward a price level where 2 or more price lines are draw, there will be heavy resistance to cross the lines and typically the price will rebound to previous location. If not, the price has a tendency to flow through the level of resistance. If you couple this with Bollinger Bands, something interesting shows up, explore, take a look for yourself.

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