Learn how to create your own rainbow using the Photoshop gradient tool, along with channels and layer masks.
1. Open the image you want to begin working on. As you can see, I have chosen an image that lends itself to a natural looking rainbow, with a dark stormy background and front highlights.

2. Open Gradient Tool options by double-clicking on the Gradient tool. Click the Edit button to bring up your Gradient Editor dialog box.

3. Next, select New to begin creating your rainbow gradient. Once you name the new gradient, start adding colors by simply clicking below the gradient bar. Edit your new color by clicking in the color swatch area.

4. The key step here is to make sure that your color bands are at one end of the bar, as in the example shown. I’ve chosen the following simple set of four colors: 28-137-18 / 210-255-0 / 255-60-0 /0-0-0 for black You can also experiment to find your own color solutions, if so you might be tempted to create that soft blend right here–but don’t do it! We will do that later. Click OK once you have the gradient you want.

5. Finally, set the Type of gradient to Radial.

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