Best Ichimoku Kinko Hyo Setting for H1 Crude Oil Trading Chart

Adding MT4 Ichimoku Kinko Hyo Crude Oil Chart Indicator

Step 1: Open the MetaTrader 4 Platform Navigator Panel

Open the MetaTrader 4 Navigator window as shown below - Go to "View" menu (then click it) and then choose the "Navigator" window (click), or From the Standard Tool Bar click the "Navigator" button or use keyboard short cut keys "Ctrl+N"

On the MetaTrader 4 Navigator window, select "Technical Indicators", (Double Click)

Best Ichimoku Kinko Hyo Setting for H4 Crude Oil Trading Chart

Adding Ichimoku Kinko Hyo MT4 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 MT4 technical indicators so as to add the Ichimoku Kinko Hyo indicator on the crude oil chart.

Best Ichimoku Kinko Hyo Setting for H4 Crude Oil Trading Chart

How to Add Custom Ichimoku Kinko Hyo Indicator on MT4

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 MT4 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 in MetaTrader 4 software.

To learn how to install Ichimoku Kinko Hyo indicator on MT4 platform, how to add Ichimoku Kinko Hyo indicator window to MT4 and how to add Ichimoku Kinko Hyo custom MetaTrader 4 technical indicator on MT4 platform - How to add a custom Ichimoku Kinko Hyo oil Indicator on MT4.

About Ichimoku Kinko Hyo Oil Technical 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 and help the trader to determine the most suitable time to enter or exit the oil trading 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, drawn 26 crude oil price periods ahead

5) The 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 and B

Ichimoku Kinko Hyo Crude Oil Trading Technical Analysis & Generating 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 & sell oil trade signals generated.

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Bullish crude oil cross-over trading signal forms above the Kumo (clouds),

Very strong buy oil trading signal.

Bearish crude oil cross-over signal forms below the Kumo (clouds),

Very strong sell oil trading signal.

If a bullish cross-over signal or bearish crossover signal takes place within the Kumo (clouds) it's considered a medium strength buy or sell oil trading 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 trading signal.

Support and Resistance Levels

Support & resistance levels can be predicted by the presence of Kumo (clouds). The Kumo can also be used to identify the current crude oil price trend of the oil price.

• If crude oil price is above the Kumo, the prevailing crude oil price trend is said to be upwards oil price trend.
• If crude oil price is below the Kumo, the prevailing crude oil price trend is said to be downwards oil price trend.

Chikou Span or Lagging Span is also used to determine the strength of the buy or sell oil trading 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 crude oil price trend is downwards, otherwise the oil signal is considered to be a weak sell oil trading 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 trading signal.

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