Best Ichimoku Kinko Hyo Setting for H1, H4 and for Day Trading
How to Add Ichimoku Kinko Hyo Indicator on MetaTrader 4 Charts
Step 1: Open MetaTrader 4 Platform Navigator Panel
Open MetaTrader 4 Navigator window as shown below: Go to "View" menu (click), then select "Navigator" window (click), or From Standard Tool Bar click the "Navigator" button or use keyboard short cut keys "Ctrl+N"
On MetaTrader 4 Navigator panel, select "Technical Indicators", (DoubleClick)
Best Ichimoku Kinko Hyo Setting for H1, H4 and Day Trading Charts
Step 2: Expand the Forex Indicators Menu on the Navigator - Adding Ichimoku Kinko Hyo MetaTrader 4 Chart 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 MT4 indicators so as to add the Ichimoku Kinko Hyo indicator on the forex chart.
Best Ichimoku Kinko Hyo Setting for H1, H4 and Day Trading Charts
How to Add Custom Ichimoku Kinko Hyo Indicator on 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 indicator on the 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 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 MT4 & how to add Ichimoku Kinko Hyo custom MT4 indicator on MetaTrader 4 - How to add a custom Ichimoku Kinko Hyo indicator in MT4.
About Ichimoku Kinko Hyo FX 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 & help the trader to figure out the most suitable time to enter or exit the forex market.
Best Ichimoku Kinko Hyo Settings for Swing Trading - Best Ichimoku Kinko Hyo Settings for Scalping Trading
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) 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 & B
Ichimoku Kinko Hyo Forex 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 levels of strength for the buy & sell signals generated.
Best Ichimoku Kinko Hyo Settings for Swing Trading - Best Ichimoku Kinko Hyo Settings for Scalping Trading
Bullish FX crossover signal occurs above the Kumo ( clouds ),
Very strong buy signal.
Bearish FX crossover signal occurs below the Kumo ( clouds ),
Very strong sell signal.
If a bullish cross-over signal or bearish crossover trading signal takes place within the Kumo (clouds) it's considered a medium strength buy or sell trading 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 Levels
Support and resistance levels can be predicted by the presence of Kumo (clouds). Kumo can also be used to identify the current forex price trend of the forex price.
- If forex price is above the Kumo, the prevailing forex price trend is said to be upwards forex price trend.
- If forex price is below the Kumo, the prevailing forex price trend is said to be downwards forex price trend.
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 price trend is downwards, otherwise the forex signal is considered to be a weak sell signal.
- If there is a buy signal & the Chikou Span is above the forex price of the last 26 periods, then 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 Settings for 1 Hour - Best Ichimoku Kinko Hyo Setting for H4 and for Day Trading
