Best Ichimoku Kinko Hyo for 1H Crude Oil Trading Chart
Adding MetaTrader 4 Ichimoku Kinko Hyo Crude Oil Trading Chart Indicator
Step 1: Open the Navigator Window Panel on Crude Oil Trading Platform
Open the Navigator window as shown below - Go to 'View' menu (then click it) & then select 'Navigator' window (click), or From the Standard Tool Bar click the 'Navigator' button or press keyboard short cut keys 'Ctrl+N'
On Navigator panel, choose "Technical Indicators", (Double-Click)
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Adding Ichimoku Kinko Hyo MetaTrader 4 Oil Trading Technical Chart Indicator
Expand menu by clicking the expand button key 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 oil indicators so as to add the Ichimoku Kinko Hyo indicator on the crude oil trading chart.
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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 software and then compile custom Ichimoku Kinko Hyo indicator so that the newly added Ichimoku Kinko Hyo custom oil indicator pops up on the list of custom indicators on the MetaTrader 4 software.
To learn how to install Ichimoku Kinko Hyo indicator on MT4 platform, how to add Ichimoku Kinko Hyo indicator panel to MetaTrader 4 & how to add Ichimoku Kinko Hyo custom indicator on MT4 platform - How to add a custom Ichimoku Kinko Hyo indicator in MetaTrader 4.
About Ichimoku Kinko Hyo Oil Trading Indicator Guide
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 crude oil price & help the trader to determine the most suitable time to enter or exit the oil market.
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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 crude oil price periods
2) Kijun-Sen: Base Line: Blue Line (Highest High + Lowest Low) / 2, for the last 26 crude oil price periods
3) Chikou Span: Lagging Span: Green Line Today's closing crude oil price plotted 26 crude oil price periods behind
4) Senkou Span A: Leading Span A = (Tenkan-Sen + Kijun-Sen) / 2, plotted 26 crude oil price periods ahead
5) Senkou Span B: Leading Span B: (Highest High + Lowest Low) / 2, for the past 52 crude oil price periods, plotted 26 crude oil price periods ahead
Kumo: Cloud: area between Senkou Span A & B
Ichimoku Kinko Hyo Oil Trading Technical Analysis & How to Generate Crude Oil Ichimoku Kinko Hyo Signals
Bullish crude oil signal - Tenkan-Sen crosses the Kijun-Sen from below.
Bearish oil signal - Tenkan - Sen crosses the Kijun - Sen from above.
However, there are different levels of strength for the buy and sell oil trade signals generated.
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Bullish crude oil crossover trading signal forms above the Kumo (clouds),
Very strong buy oil trade signal.
Bearish crude oil crossover trading signal forms below the Kumo (clouds),
Very strong sell oil trade 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 oil trade signal.
A bullish oil crossover signal that occurs below the clouds is considered a weak buy oil signal while a bearish oil crossover signal that occurs above the clouds is considered a weak sell oil trade signal.
Support & Resistance Levels
Support & resistance levels can be predicted by the presence of Kumo (clouds). Kumo can also be used to identify the current oil trend of the oil price.
- If crude oil price is above the Kumo, the prevailing oil trend is said to be upward crude oil trend.
- If crude oil price is below the Kumo, the prevailing oil trend is said to be downward crude oil trend.
Chikou Span or Lagging Span is also used to determine the strength of the buy or sell oil trade signal.
- If the Chikou Span is below the closing crude oil price of the last 26 periods and a sell oil signal is given, then the strength of the oil trend is downwards, otherwise the oil signal is considered to be a weak sell oil trade signal.
- If there is a buy oil signal and the Chikou Span is above the crude oil price of the last 26 periods, then strength of the crude oil price trend is to the upside buy oil trading signal, otherwise it is considered to be a weak buy oil trade signal.
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