This tutorial
teaches you how to create a rainbow in a few steps using gradient
presets in Photoshop CS.

Step 1
Open an image in photoshop.Create a new layer from layers
panel.
Step 2
Select the new layer, click on the Gradient tool
on the tool bar. Then the gradientproperties appears. as in
the snapshot given below. Give same settings as in this. Then
click on the gradient image, here marked with red.
The Gradient Editor will be displayed as
this

Step 3
From the presets, select the sixth colored box on the second
row (marked in black). Below you can see the colored bar with
pencil icons (tab stops).
Step 4
Adjust these color tabs. You may reduce the width and opacity.
Try with different tab stops then you will get an idea about
each tab stop. You can also remove any tab stop by draging
out of the window.
Step 5
Click on the bottom border of the rectangle to create a
new tab stop, and give orange color to that. By clicking on
this color tab stop you can change the color. Drag all the
colors to the right side.
Step 6
The settings will be look like this after the changes.

Step 7
Once its over, click OK. You can see this gradient in the
gradientproperties bar
Step 8

From the gradient properties select the radial gradient,
place the cursor at the top right corner and drag diagonally
to the bottom left corner of the image.
Step 9
Change the opacity to 30% in the layer panle. Then you can
erase if any part of the rainbow appears unwanted area by
using the eraser tool.
Step 10
Done! Here is the picture with a rainbow!

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