Best Ichimoku Kinko Hyo Setting for H4 Gold Chart
How to Add Ichimoku Kinko Hyo Indicator in MT4 Gold Charts
Step 1: Open MT4 Software Navigator Window Panel
Open the MetaTrader 4 Navigator window as shown below: Navigate to 'View' menu (click) & then select 'Navigator' window (click), or From the Standard Tool Bar click the 'Navigator' button key or use short cut keyboard keys 'Ctrl+N'
On MT4 Navigator panel, select "Technical Indicators", (DoubleClick)
Best Ichimoku Kinko Hyo Setting for 1 H Gold Chart - Best Ichimoku Kinko Hyo Settings for 4 Hour XAUUSD Chart
Step 2: Expand the XAUUSD Indicators Menu on the Navigator
Expand the menu by clicking the expand button marker (+) or double click the 'indicators' menu, after this the button will appear as (-) and will now display a list as shown below - select the Ichimoku Kinko Hyo indicator from this list of xauusd trading MT4 indicators so as to add the Ichimoku Kinko Hyo technical indicator on the gold chart.
Best Ichimoku Kinko Hyo Setting for 1 H Gold Chart - Best Ichimoku Kinko Hyo Settings for 4 Hour XAUUSD Chart
How to Add Custom Ichimoku Kinko Hyo Indicator to MetaTrader 4
If the Ichimoku Kinko Hyo technical indicator you want to add is a custom indicator - for example if the Ichimoku Kinko Hyo technical indicator you want to add is a custom Ichimoku Kinko Hyo indicator you will need to first add this custom Ichimoku Kinko Hyo technical indicator on the MetaTrader 4 software and then compile custom Ichimoku Kinko Hyo indicator so that the newly added Ichimoku Kinko Hyo custom xauusd indicator appears on the listing of custom xauusd indicators on the MetaTrader 4 software.
To learn how to install Ichimoku Kinko Hyo indicator on MetaTrader 4, how to add Ichimoku Kinko Hyo indicator panel to MetaTrader 4 & how to add Ichimoku Kinko Hyo custom MT4 indicator in MT4 - How to add a custom Ichimoku Kinko Hyo xauusd Indicator in MetaTrader 4.
Ichimoku Kinko Hyo XAUUSD Trading Indicator Described
Ichimoku Kinko Hyo Indicator
Ichimoku Kinko Hyo is a Japanese charting technique
- Ichimoku means 'a glance' or 'one look'
- Kinko means 'equilibrium' or 'balance'
- Hyo is the Japanese word for "chart"
Thus, Ichimoku Kinko Hyo means, 'a glance at an equilibrium chart'. Ichimoku indicator attempts to identify the likely direction of gold price & help the trader to determine the most suitable time to enter or exit the gold trading market.
Best Ichimoku Kinko Hyo Settings for XAUUSD Swing Trading
Calculation
Ichimoku Kinko Hyo indicator consists of five lines plotted using the midpoints of previous highs & lows. Five lines are calculated as follows:
1) Tenkan-Sen: Conversion Line: Red Line (Highest High + Lowest Low) / 2, for the last 9 gold price periods
2) Kijun-Sen: Base Line: Blue Line (Highest High + Lowest Low) / 2, for the last 26 gold price periods
3) Chikou Span: Lagging Span: Green Line Today's closing gold price plotted 26 gold price periods behind
4) Senkou Span A: Leading Span A = (Tenkan-Sen + Kijun-Sen) / 2, drawn 26 gold price periods ahead
5) Senkou Span B: Leading Span B: (Highest High + the Lowest Low) / 2, for the past 52 gold price periods, plotted 26 gold price periods ahead
Kumo: Cloud: area between the Senkou Span A & B
Ichimoku Kinko Hyo Gold Technical Analysis and How to Generate XAUUSD Ichimoku Kinko Hyo Signals
Bullish xauusd trading signal - Tenkan-Sen crosses the Kijun-Sen from below.
Bearish xauusd signal - Tenkan - Sen crosses the Kijun - Sen from above.
However, there are different levels of strength for the buy and sell signals generated.
Best Ichimoku Kinko Hyo Settings for XAUUSD Swing Trading
Bullish xauusd trading crossover trading signal occurs above the Kumo (clouds),
Very strong buy signal.
Bearish xauusd cross-over trading signal occurs below Kumo (clouds),
Very strong sell signal.
If a bullish cross-over signal or bearish crossover signal takes place within the Kumo (clouds) it's considered a medium strength buy or sell trading signal.
A bullish xauusd trading crossover signal that occurs below the clouds is considered a weak buy signal while a bearish xauusd trading crossover signal that occurs above the clouds is considered a weak sell signal.
Support and Resistance Levels
Support & resistance levels can be predicted by the presence of Kumo (clouds). Kumo can also be used to identify the current gold price trend of the gold price.
- If gold price is above the Kumo, the prevailing gold price trend is said to be upwards gold price trend.
- If gold price is below the Kumo, the prevailing gold price trend is said to be downwards gold price trend.
Chikou Span or Lagging Span is also used to determine strength of the buy or sell signal.
- If the Chikou Span is below the closing gold price of the last 26 periods and a sell signal is given, then the strength of the gold price trend is downwards, otherwise the xauusd signal is considered to be a weak sell signal.
- If there is a buy signal & the Chikou Span is above the gold price of the last 26 periods, then strength of the gold price trend is to the upside buy signal, otherwise it is considered to be a weak buy signal.
Best Ichimoku Kinko Hyo Setting for 1 H Gold Chart - Best Ichimoku Kinko Hyo Settings for 4 Hour Gold Chart - Best Ichimoku Kinko Hyo Settings for XAUUSD Day Trading - Best Ichimoku Kinko Hyo Settings for XAUUSD Swing Trading
