The render times are much better now
The idea behind my original model was that it should be reasonably realistic, particularly for animations. Thus, using a cloud to simulate the distribution of rain, you can get a rainbow to show the variations in the cloud density and thickness. Since this model projects a conical mask outwards from the camera the density of the rainbow will vary with the thickness of rain (that is in sunlight) penetrated. Doing this with a thin disc would be very difficult. ... and a drawback of this is that you have to restrict the range of distances from the camera (previously done with a distance shader, now done with cloud altitude and thickness in the secondary atmosphere) If you don't restrict the range then the combined brightness of the rainbow all the way to the horizon can look odd.
In my first test scene for example the rain surrounds the butte so the rainbow is fainter in front of it because the rest of the rain is obscured by the terrain.
The one flaw with the current model I'm working on is that it doesn't observe the cloud altitude restrictions on the primary planet, so this would have to be defined separately. I'm thinking the rainbow model should not use an internal density shader for the cloud, but rather generate a full density rainbow which is then masked by the density shader of whatever cloud is being used to simulate the rain. This would also make it a much more portable model.
Juggling 7 cloud layers is indeed tricky for building the model, but once the right balance is found (if it can), then no more juggling should be required in use.
Once built most of the network doesn't need to be visible. Required inputs would be:
- altitude and heading of the sun
- position of second planet (if using this model, = camera position)
- connect the density shader used for rain
- probably output a mask for the rain density shader to obscure the rain replaced by the rainbow... (hmmm that gives me an idea)
- altitude range for rain
- relative intensity of secondary rainbow
In theory, once it's set up it would be very easy to animate as it simply follows the camera, always placing the rainbow in the correct location whenever it intersects with "rain". I'm happy to consider any cloud colouring model people want to share

Checking Simius Strabus' posts, the gradation looks good and is probably easier in many situations, although it needs the math to get the right diameter and thickness (40-42° radius if you please)

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