Apply multiple font colors to the text in a single Google Sheets cell

As on July 2018, Apps-Script support changing individual text colors and other font related styles. Two methods are added to SpreadsheetApp. newTextStyle() and newRichTextValue(). The following apps-script changes such fontstyles in A1. For best effects, Use a lengthy string(30 characters or more).

function rainbow(){
  var rng = SpreadsheetApp.getActiveSheet().getRange("A1");
  var val = rng.getValue().toString();
  var len = val.length; // length of string in A1
  var rich = SpreadsheetApp.newRichTextValue(); //new RichText
  rich.setText(val); //Set Text value in A1 to RichText as base 
  for (var i=0;i<len;i++){ //Loop through each character
    var style = SpreadsheetApp.newTextStyle(); // Create a new text style for each character
    var red= ("0"+Math.round((1/len)*(i)*255).toString(16)).substr(-2,2); //📈
    var green= ("0"+Math.round((1/len)*Math.min(i*2,len-Math.abs(i*2-len))*255).toString(16)).substr(-2,2); //📈📉
    var blue= ("0"+Math.round((1/len)*(len-i)*255).toString(16)).substr(-2,2);//📉
    style.setForegroundColor("#"+red+green+blue); // hexcode
    style.setFontSize(Math.max(Math.abs(len/2-i),8)); //Use a lengthy string
    var buildStyle = style.build(); 
    rich.setTextStyle(i,i+1,buildStyle); // set this text style to the current character and save it to Rich text     
  }
  var format = rich.build()
  rng.setRichTextValue(format); //Set the final RichTextValue to A1
}

Documentation is not published yet. Methods are subject to change

References:

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