Best Ichimoku Kinko Hyo for 1H Chart, 4 Hour Chart and Daily Chart
How to Add Ichimoku Kinko Hyo Indicator on MT4 Charts
Step 1: Open Navigator Window on FX Trading Platform
Open Navigator window as shown & illustrated below: Go to 'View' menu (click on it), then select 'Navigator' window (click), or From Standard Tool Bar click the 'Navigator' button or press keyboard short cut keys 'Ctrl+N'
On Navigator window, choose 'Indicators', (Double-Click)
Best Ichimoku Kinko Hyo for 1 Hour Chart, 4 Hour Chart and Daily Chart
Step 2: Expand the Forex 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 forex indicators so as to add the Ichimoku Kinko Hyo indicator on the forex chart.
Best Ichimoku Kinko Hyo for 1 Hour Chart, 4 Hour Chart and Daily Chart
How to Add Custom Ichimoku Kinko Hyo Forex Indicator to MetaTrader 4 Software
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 forex indicator pops up on the list of custom indicators in MetaTrader 4 software.
To learn how to install Ichimoku Kinko Hyo indicator on MT4, how to add Ichimoku Kinko Hyo indicator window to MT4 and how to add Ichimoku Kinko Hyo custom indicator on MT4 - How to add a custom Ichimoku Kinko Hyo forex Indicator in MetaTrader 4.
About Ichimoku Kinko Hyo Forex 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 forex price and help the trader to figure out the most suitable time to enter or exit the forex market.
Best Ichimoku Kinko Hyo for 15 Min Chart, 5 Min Chart and 1 Minute Chart
Calculation
Ichimoku Kinko Hyo indicator consists of five lines plotted using the midpoints of previous highs and 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 Line Today's closing 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, for the past 52 price periods, plotted 26 price periods ahead
Kumo: Cloud: area between Senkou Span A and B
Ichimoku Kinko Hyo Forex Trading Technical Analysis Generating Ichimoku Kinko Hyo Signals
Bullish forex signal - Tenkan-Sen crosses the Kijun-Sen from below.
Bearish forex signal - Tenkan - Sen crosses Kijun - Sen from above.
However, there are different areas of strength for the buy & sell forex trade signals generated.
Best Ichimoku Kinko Hyo for 15 Min Chart, 5 Min Chart and 1 Minute Chart
Bullish FX crossover trading signal occurs above the Kumo (clouds),
Very strong buy signal.
Bearish FX crossover trading signal occurs below the Kumo (clouds),
Very strong sell signal.
If a bullish crossover signal or bearish cross-over trading signal takes place within the Kumo (clouds) it is considered a medium strength buy or sell signal.
A bullish forex crossover signal that occurs below the clouds is considered a weak buy signal while a bearish forex crossover signal that occurs above the clouds is considered a weak sell signal.
Support and Resistance Areas
Support and resistance levels can be predicted by the presence of Kumo (clouds). The Kumo can also be used to identify the current forex trend of the forex price.
- If forex price is above the Kumo, the prevailing forex trend is said to be upward forex trend.
- If forex price is below the Kumo, the prevailing forex trend is said to be downward forex trend.
The Chikou Span or Lagging Span is also used to determine the strength of the buy or sell signal.
- If the Chikou Span is below the closing forex price of the last 26 periods and a sell signal is given, then the strength of the forex trend is downwards, otherwise the forex signal is considered to be a weak sell signal.
- If there is a buy signal and the Chikou Span is above the forex price of the last 26 periods, then the strength of the forex price trend is to the upside buy signal, otherwise it is considered to be a weak buy signal.
Best Ichimoku Kinko Hyo for 1 Hour Chart Forex, 4 Hour Chart Forex and Daily Chart
