Update:
3D Studio MAX 9 installation and example scene included
(Contributed by Dirk Kipper www.dirkkipper.de)

This mental ray photon shader (source code included) simulates photon dispersion for all rainbow colors.

The user can add intensity to yellow, cyan and violet to achieve the desired effect.

Update: Maya example scene included.

Please consider this shader more as a playground than a serious production shader. This shader is pretty useless except in context with a prism.

View Readme