Consider the fingers as 5 boxes, and rings are distinctive balls, and orders matter(this is why we cannot use the $5^7$). So
|O(red)O(green)|O(yellow)O(black)|O(pink)|O(white)|O(orange)|
and
|O(green)O(red)|O(yellow)O(black)|O(pink)|O(white)|O(orange)|
are different cases.
This problem could be reduced to:
There is 11 positions, 7 for the balls and 4 for the identical walls(the walls in the ends cannot be moved)
That means we need to find 4 position to place the walls -- ${11 \choose 4}$
We need to permute the 7 distinctive balls to place them in the remain positions. -- $7!$
So together, it would be ${11 \choose 4}*7! = \frac{11!}{4!}$.
The trick here is the fingers are stacks, so the order of rings on the finger matters.