Rain bow

Rain Bow is a members-only item on the OSRS Grand Exchange in the weapons category.

In-game examine text: "Short but effective and very colourful."

It has a Grand Exchange buy limit of 18,000 every four hours, a high alchemy value of 300 gp, and item ID 23357.

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Rain Bow currently has a flip margin of −1.5k gp, which isn't profitable to flip right now despite 445 trades over the last 24 hours.

Items with negative or zero margins like this are better watched than actively flipped until the spread widens.