I've played Nier Gestalt and Beyond Two Souls games recently and noticed that in both of them the circular/half-circular rainbow effect appears.
Could somebody tell me what is this effect called and how to achieve it in Blender? I know I can create it using transparent and color ramp nodes (like in here: How to make rainbow ends fade out), but how to make it physically acurate? This effect appears when you rotate camera out from the light source. The more you rotate from it, the more the effect appears.