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The Rainbow Multiple Moving Averages indicator

Daryl Guppy is an Australian trader who developed a “rainbow” of multiple moving averages, called the Guppy Multiple Moving Averages (GMMA) but often referred to as Guppy's Rainbow.

The GMMA indicator consists of three groups of exponential moving averages (EMA). There are two short term groups and a long term group. The first two short term group consists of the EMA3 (3-period EMA), the EMA5 and the EMA8. The second short term group consists of the EMA10, the EMA12 and the EMA15. The long term group consists of the EMA30, the EMA35, the EMA 40, the EMA45, the EMA50 and the EMA60.
The purpose of this indicator is not to generate entry or exit points. The purpose of the indicator is to make traders 'visually understand' the general concept of a short term trend versus a long term trend. Hence the indicator is less useful when there is no trend.

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