Rainbow Obsidian gets its name from the chatoyant, rainbow effect of light refracting off of tiny air bubbles inside the stone. It is made up of volcanic glass. Rainbow Obsidian can help to alleviate fears at home or work that can overwhelm us. It also can reverse a stint of bad luck and bring happiness and joy to the user. In general, it is a very grounding and protective stone. Obsidian is often used by lightworkers for healing and releasing energy blockages by surfacing truths that need to be resolved.