🟪Main Indicator
The Main Indicator that started it all. In development for over 5 years. This all in one indicator allows any trader to easily identify when market makers are buying and selling.
Last updated
The Main Indicator that started it all. In development for over 5 years. This all in one indicator allows any trader to easily identify when market makers are buying and selling.
Last updated
For those who prefer video tutorials, this breaks down every single aspect of the RT-Main Indicator:
If you have not read through the tutorial on colors, please start there first:
The main indicator that started it all. In development for over 5 years. This all in one indicator allows any trader to easily identify when market makers are buying and selling using multi-colored candles that change in real-time. This indicator also identifies key support/resistance levels with “Rainbow Pivots” and highlights unusual price movements with “Whale Print” arrows.
For reference before we dive into the RT Main Indicator
To open up the Settings Menu for the Main Indicator, click the hexagram symbol next to the listed Main Indicator.
The Main Indicator's base is the Colored Candles that it paints onto the charts. These Colors automatically tune to the chart based on the time frame the trader is currently using (1D, H12, H1, 15M, etc). Rainbow Trends is tuned out of the box to run H4, but can be automatically and manually tuned for specific time frames and assets. The color of the candles can be tuned by the trader using the following options:
Automatic Tuning On/Off - Allows the user to Enable/Disable the automatic color tuning that adjusts for each time frame.
Auto Tuning Gain (Inc/Dec) - Allows the user to increase or decrease how aggressive the automatic tuning algorithm adjusts color tuning.
Manual Fine Tuning - Linear Color Shift - Allows the user to manually control the linear sensitivity for Color Candle thresholds. The best way to visualize this is a settings being adjusted up/down in a linear fashion.
Manual Fine Tuning - Exponential Color Shift - Allows the user to manually control the exponential sensitivity for Color Candle thresholds. The best way to visualize this is a setting being adjusted in an exponential manner where each level is is moved in an exponential shift.
Some traders prefer light colored backgrounds for their charting. This causes an issue when White Candles are displayed as they cannot be seen on a white background.
Toggling Dark Mode Candles On/Off forces the indicator to use the second color setting that is stored in the Style tab in Main Indicator Settings.
In addition to toggling between Light and Dark mode, the user has the option to edit each individual color of the Main Indicator.
Rainbow Rotations are a feature traders use to catch Reversals/Reversions when a trend fully blows out. This algorithm triggers on the first weaker candle after a Pink or White Candle prints. The general idea of this event is show peaks and valleys of an asset.
In the example below, you can see a bearish drive downwards that printed two White Candles followed by a weaker Yellow Candle. The first weaker Candle after a White Candle is where the alert executes and places a Rainbow Reversion Marker on the chart. The trend then reverses and begins a Bullish Trend upwards that peaked out with multiple Pink Candles. The Rainbow Reversion Markers are then triggered by the first weaker Bullish Candle seen after a Pink Candle.
Note that Rainbow Rotation's can only be visible for a finitie amount of candles. Use the Replay Function in TV to see previous triggers.
Rainbow Reversion settings are the available at the top of the settings menu:
Rainbow Rotation Alerts On/Off - Allows the user to toggle these signals On or Off with one click.
Rainbow Rotation Symbol - Allows the user to customize the symbol that is plotted on the chart for these Rainbow Rotations. Note that both texts or Emojis can replace the default 🌈symbol.
These Rainbow Rorations can also be automated for any asset that the user is trading. To do this:
Click the Alert Icon on the far right of the screen
Change Condition to Main Indicator
Change Second Condition to one of the three options:
Bullish Alerts
Bearish Alerts
Bullish and Bearish Alerts
Change Trigger condition to Once Per Bar Close
Once set up, this will allow the trader to automate alerts that notify the user to be automatically notified of an extreme Bullish/Bearish trend that is starting to reverse.
One of the Main Indicator's most powerful functions is the automated Support/Resistance Pivots. This section of code has two bots that are specifically tuned to look for Support or Resistance Order Blocks.
The Resistance Pivot Bot prints lines that are painted by Red Dashes.
The Support Pivot Bot prints lines that are painted by Green Dashes.
Regardless of the color of the dashed pivot line, a trend that approaches a pivot should be respected regardless of color. IE a trend moving up towards a Green Support Pivot should be viewed as Resistance and not ignored.
Example of pivots showing Support/Resistance Levels being respected:
As the Algorithm continues to print additional pivots on the chart, the user will be able to start identifying the Order Blocks that are hidden in the chart. These Order Blocks are the key Support/Resistance areas that trends will interact with and respect. The trader can identifying these by looking for multiple stacked Pivots.
Order Blocks can be easily drawn by using TV's Rectangle Tool with the following settings:
Ensure to change the Rectangle Tool's background color opacity to approximately 30%.
Pivots can be tuned with the following options:
Pivot On/Off - Allows the user to quickly toggle the pivots On and Off.
Pivot Style - Allows the user to switch between different styles of marking the pivots.
Pivot Sensitivy (Inc/Dec) - Allows the user to tune the sentivity of the algos. This will increase or decrease the number of pivots printed on the chart based on this setting. Note that this can be tuned below zero to negative settings to decrease the sensitivity.
Pivot Line Drawing Length - Controls how long the Indicator prints the pivots. TradingView limits how far we can draw these and most people leave these on the default 450 setting.
Resistance / Support Pivot Colors - Allows the user to customize their chart by changing the colors of the Pivots.
One of the most important parts of the Main Indicator is tracking Whale Prints. In short, there is a section of code that specifically looks for abnormal Buys/Sells made by a large Whale. Under normal circumstances, Whales do not want to be visible when they Buy or Sell. However, there are particular times where they are forced to come out of hiding and deliberately make moves to control the current trend. This algorithm is specifically tuned to notify the trader when it detects that a Whale has come out of those shadows.
Bearish Whale Prints are marked on the chart with a Red Triangle.
Bullish Whale Prints are marked on the chart with a Green Triangle.
Whale Print Clusters are a situation where multiple whale prints have been identified in the past 10 candles. While Whale Prints hold valuable data, clusters of these Whale Prints should be especially paid attention to as they typically signal that a very large move is coming.
The Whale Print Table is an active tracker that counts the number of Bull and Bearish Whale Prints that have occurred in the past 10 Candles.
Whale Print settings can be tuned with the following options:
Whale Print Clusters Table On/Off - Allows the user to toggle the Whale Print Chart on the top right of the screen on and off with one click.
Whale Print Clusters Alerts On/Off - Allows the user to toggle the Whale Cluster Symbol 🐋on or off with one click.
Whale Print Cluster Symbol - Allows the user to change the symbol on the chart for Whale Clusters. Note that both emojis and text can be used to replace the default 🐋 symbol.
Whale Print Cluster Bullish/Bearish Label Color - Allows the user to customize the color of the Whale Print Cluster alert on the chart.
The inflection point of the Colored Candles happens on the Bull/Bear Trend Step Line. This is the grey stepped line seen on charts where the Bullish and Bearish colors meet. Candles above this line will be marked by the 4 Bullish Candle Colors while all Candles below this line will be marked by the 4 Bearish Colors.
This line can be tuned from the following options:
Bull/Bear Line Offset - This allows the user to control a vertical threshold of the line to their desired setting.
Bull/Bear Line Smoothness - This allows the user to control the sensitivity and smoothness of the line to their specific tunes.
Note that 99% of our Traders do not adjust this Bull/Bear Step Line. The 1% that do use this setting only use it for vert LTF trading setups below 5 Minute Candles.
Lastly, if the user wishes to remove or change the color of the Bull/Bear Line, they can do so under the Style Settings of the Main Indicator:
If you are still having issues or have questions, please feel free to reach out to us at admin@rainbow-trends.com or message us in the Rainbow Trends Discord.
