Optically variable multilayer film and optically variable pigment obtained therefrom

An optically variable multilayer film, comprising:

• (1) a metallic reflective layer M';
• (2) two sub-unit multilayer stacks symmetrically mounted onto opposite surfaces of the metallic reflective layer M';
• each of the stacks having a structure of D'MD, wherein D' and D are a protective layer and a color-presenting layer, respectively, and both are composed of low refractive index, high hardness, chemically stable silicon dioxide;
• said protective layer D' further has an optical thickness which is 1/2 of the wavelength of the desired reflected light;
• and M is a semi-transparent metallic layer;
• said optically variable multilayer film being deposited on a flexible substrate S with a release layer R made of a neutral detergent, soluble in water or a solvent, deposited between said optically variable multilayer film and said flexible substrate S so as to form a structure of S-R-D'-M-D-M'-D-M-D'.