Hi I have been wracking my brain trying to remember this. It was a movie from the 90's that had a fantasy/ medieval setting and was similar to power rangers in that it had about 5 different characters who each had different fantasy armor and would fight evil. The whole movie was very campy and cheap. But I seem to remember the movie was all about how the group came upon their unique armor and powers. One scene that sticks out in my mind was the main hero who I believe wore red armor fought a skeleton in a cave.
Sorry if this sounds stupid but I've been trying to remember forever. This movie came packaged with the action figures I believe.

I remember this movie do well but not the name it had different characters for each elements like rock-grey armor fire-red armor wind-white armor ocean-blue armor

Mystic Knights Of Tir Na Nog
The red knight fighting a skeleton (forward to 6:30)