Best Ichimoku Kinko Hyo for 1H Chart, H4 Chart & Daily Chart
How to Add Ichimoku Kinko Hyo Indicator on MT4 Charts
Step 1: Open Navigator Window on Software
Open Navigator panel as shown & illustrated below: Go to 'View' menu (click on it), then select 'Navigator' panel (click), or From Standard Tool Bar click the 'Navigator' button or press keyboard shortcut keys 'Ctrl+N'
On Navigator window, choose 'Indicators', (Double Click)
Best Ichimoku Kinko Hyo for 1 Hour Chart, H4 Chart and Daily Chart
Step 2: Expand Indicators Menu on the Navigator - Adding Ichimoku Kinko Hyo MT4 Indicator
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 indicators so as to add the Ichimoku Kinko Hyo indicator on the chart.
Best Ichimoku Kinko Hyo for H1 Chart, 4 Hour Chart & Daily Chart
How to Add Custom Ichimoku Kinko Hyo Indicator to MetaTrader 4 Platform
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 indicator on MetaTrader 4 platform & then compile custom Ichimoku Kinko Hyo indicator so that the newly added Ichimoku Kinko Hyo custom indicator pops up on the list of custom technical indicators in Meta Trader 4 trading platform.
To learn how to install Ichimoku Kinko Hyo indicator on MT4, how to place Ichimoku Kinko Hyo indicator window to MT4 and how to add Ichimoku Kinko Hyo custom indicator on MT4 - How Do I add a custom Ichimoku Kinko Hyo Indicator in MetaTrader 4.
About Ichimoku Kinko Hyo Indicator Tutorial Explained
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 price & help the trader to figure-out the most suitable time to enter or exit the market.
Best Ichimoku Kinko Hyo for 15 Minute Chart, 5 Minute Chart and 1 Minute Chart
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 last 9 price periods
2) The Kijun-Sen: Base Line: Blue Line (Highest High + Lowest Low) / 2, for last 26 price periods
3) Chikou Span: Lagging Span: Green Coloured Line Today's close price plotted 26 price periods behind
4) The Senkou Span A: Leading Span A = (Tenkan-Sen + Kijun-Sen) / 2, plotted 26 price periods ahead
5) Senkou Span B: Leading Span B: (Highest High + Lowest Low)--/--2[Highest High + Lowest Low]--/--2, for the past 52 price periods, plotted 26 price periods ahead
Kumo: Cloud: area between Senkou Span A and B
Ichimoku Kinko Hyo Analysis Generating Ichimoku Kinko Hyo Signals
Bullish signal - Tenkan-Sen crosses the Kijun-Sen from below.
Bearish signal - Tenkan - Sen crosses Kijun - Sen from above.
However, there are different areas of strength for the buy & sell trading signals generated.
Best Ichimoku Kinko Hyo for 15 Minute Chart, 5 Minute Chart & 1 Minute Chart
Bullish FX crossover signal occurs above the Kumo (clouds),
Strong buy signal.
Bearish FX crossover signal occurs below the Kumo (clouds),
Strong sell signal.
If a bullish crossover signal or bearish cross-over signal takes place within the Kumo (clouds) it is considered a medium strength buy or sell signal.
A bullish crossover signal that occurs below the clouds is considered a weak buy signal while a bearish crossover signal that occurs above the clouds is considered a weak sell signal.
Support & Resistance Areas
Support and resistance levels can be predicted by the presence of Kumo (clouds). The Kumo also can be used to identify the prevailing trend of the price.
- If price is above Kumo, the prevailing trend is said to be upward trend.
- If price is below Kumo, the prevailing trend is said to be downwards trend.
The Chikou Span or Lagging Span is also used to determine the strength of the buy or sell signal.
- If the Chikou Span indicator is below the closing price of the last 26 periods and a sell signal is given, then the strength of trend is down-wards, otherwise the signal is considered to be a weak sell signal.
- If there is a buy signal and the Chikou Span is above the price of last 26 periods, then the strength of price trend is to the upside buy signal, otherwise it's considered to be a weak buy signal.
Best Ichimoku Kinko Hyo for 1 Hour Chart Forex, 4 Hour Chart Forex and Daily Chart
