The indicator proposes to calculate a series of several moving averages in a row (up to 5 maximum). Each of them smoothes the previous one, forming a “rainbow” type indicator.

The first moving average is calculated on the price Close, and the following ones smooth each of the previous ones with the same calculation period, which can be modified in the parameters. The type of moving average can also be changed at will with the “MAmode” setting.

The result is a cluster of moving averages of different colors to be applied to the price chart.

This indicator has been converted from LUA language following a request on the indicators forum.

//PRC_Best rainbow MA | indicator
//24.11.2022
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge

//---settings 
MAmode=0
Period=20
NumberOfMA=5
//---end of settings 

MA2=undefined
MA3=undefined
MA4=undefined
MA5=undefined

numberofMA=max(min(numberofma,5),1)

MA1=average[period](close)

if numberofMA=2 then
 MA2=average[period,mamode](MA1)
elsif numberofMA=3 then
 MA2=average[period,mamode](MA1)
 MA3=average[period,mamode](MA2)
elsif numberofMA=4 then
 MA2=average[period,mamode](MA1)
 MA3=average[period,mamode](MA2)
 MA4=average[period,mamode](MA3)
elsif numberofMA=5 then
 MA2=average[period,mamode](MA1)
 MA3=average[period,mamode](MA2)
 MA4=average[period,mamode](MA3)
 MA5=average[period,mamode](MA4)
endif 

return ma1 coloured("blue"), ma2 coloured("purple"), ma3 coloured("red"), ma4 coloured("orange"), ma5 coloured("fuchsia")