How to Add Ichimoku Kinko Hyo Indicator on MetaTrader 4 Charts

Step 1: Open the Navigator Window on Trading Platform Software

Open Navigator window as shown & illustrated below: Go to 'View' menu (press on it), then select 'Navigator' window (press), or From Standard Tool-Bar click the 'Navigator' button or press key-board shortcut keys 'Ctrl+N'

On Navigator panel, choose 'Indicators', (DoublePress)

How to Add Ichimoku Kinko Hyo Trading Indicator on MetaTrader 4 - How Do You Use Ichimoku Kinko Hyo Indicator?

How to Add Ichimoku Kinko Hyo Trading Indicator on MetaTrader 4 - MT4 Ichimoku Kinko Hyo Indicator

Step 2: Expand the Indicators Menu on the Navigator - Adding Ichimoku Kinko Hyo MT4 Indicator

Expand menu by clicking 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 chart indicator from this list of trading indicators so as to add the Ichimoku Kinko Hyo indicator to the chart.

How to Add Ichimoku Kinko Hyo Indicator on the Forex Chart - How to Use Ichimoku Kinko Hyo Indicator

How to Add Ichimoku Kinko Hyo Trading Indicator - From the Above window you can then place Ichimoku Kinko Hyo indicator that you as a trader want on the Forex chart

How to Add Custom Ichimoku Kinko Hyo Trading Indicator to MetaTrader 4 Software

If the indicator you want to add is a custom indicator - for example if the Ichimoku Kinko Hyo technical indicator you as a trader want to add is a custom indicator you will need to first add this custom Ichimoku Kinko Hyo indicator on the MT4 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 indicators in MT4 platform.

To learn how to install Ichimoku Kinko Hyo indicators on MT4, how to place Ichimoku Kinko Hyo indicator window to MT4 and how to add Ichimoku Kinko Hyo custom indicator in MT4 - How to add a custom Ichimoku Kinko Hyo indicator in MetaTrader 4.

About Ichimoku Kinko Hyo Indicator Explanation

Ichimoku Kinko Hyo Trading Indicator

Ichimoku Kinko Hyo is a Japanese charting technique that was developed before by a Japanese newspaper writer, with the pen name of Ichimoku Sanjin.

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 attempts to identify the likely direction of price & help the trader to determine the most suitable time to enter or exit the market.

How Do I Use Ichimoku Kinko Hyo Indicator? - How to Add Ichimoku Kinko Hyo Trading Indicator on MetaTrader 4 Charts

Calculation

This indicator consists of five lines plotted using the midpoints of previous highs and lows. The five lines are calculated as follows:

1) Tenkan-Sen: Conversion Line: Red Line (Highest High + Lowest Low) / 2, for last 9 price periods

2) Kijun-Sen: Base Line: Blue Line (Highest High + Lowest Low) / 2, for last 26 price periods

3) Chikou Span: Lagging Span: Green Color Line Today's close price drawn 26 price periods behind

4) The Senkou Span A: Leading Span A = (Tenkan-Sen + Kijun-Sen) / 2, drawn 26 price periods ahead

5) Senkou Span B: Leading Span B: (Highest High + Lowest Low)/2, for the past 52 price periods, drawn 26 price periods ahead

Kumo: Cloud: area between Senkou Span A & B

Technical Analysis & Generating Signals

Bullish signal - Tenkan-Sen crosses Kijun-Sen from below.

Bearish signal - Tenkan-Sen crosses Kijun-Sen from above.

However, there are different areas of strength for the buy & sell trade signals generated.

How Do You Use Ichimoku Kinko Hyo Technical Indicator?

Technical Analysis in Forex Trading

Bullish cross over signal occurs above the Kumo (clouds),

Very strong buy trade signal.

Bearish crossover signal occurs below the Kumo (clouds),

Very strong sell signal.

If a bullish/ bearish cross over signal takes place within the Kumo (clouds) it is considered a medium strength buy or sell signal.

A bullish cross over that occurs below the clouds is regarded a weak buy trade signal while a bearish cross over that occurs above the clouds is regarded 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 ruling trend of the market.

If price is above Kumo, current trend is said to be upwards.
If price is below Kumo, current trend is said to be downwards.

Chikou Span or Lagging Span is also used to measure the momentum of the buy/sell trading signal.

If the Chikou Span is below the closing price of the last 26 periods ago & a sell short signal is given, then the strength of Forex trend is downward, otherwise the signal is considered to be a weak sell signal.
If there a bullish signal and the Chikou Span is above the price of the last 26 periods ago, then the strength of trend is to the upside, otherwise it is considered to be a weak buy signal.

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