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Adding MetaTrader 4 Ichimoku Chart Indicator

Step 1: Open Navigator Window Panel on Trading Platform

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

On Navigator window, select 'Indicators', (DoubleClick)

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Adding Ichimoku MT4 Technical Chart Indicator

Expand expand button marked (+) or double click the 'indicators' menu, after this the button will be shown as (-) & will now display a listing as illustrated below - select the Ichimoku trading indicator from this list of technical indicators so as to add the Ichimoku trading indicator to the chart.

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How to Install Ichimoku Indicator Meta Trader 4

If the Ichimoku technical indicator you want to add is a custom indicator - for example if the Ichimoku technical indicator you as the trader want to add is a custom Ichimoku technical indicator you'll need to first add this custom Ichimoku indicator on the MetaTrader 4 software & then compile the custom Ichimoku indicator so that the newly added Ichimoku custom indicator pops up on the list of custom trading indicators on the MetaTrader 4 trading software.

To learn and know how to install Ichimoku indicator in MT4, how to add Ichimoku indicator panel to MetaTrader 4 and how to add Ichimoku custom indicator on MT4 - How to add a custom Ichimoku indicator in MT4.

About Ichimoku Indices Trade Indicator Guide

Ichimoku Technical Indicator

Ichimoku is a Japanese charting method

Ichimoku means: 'a glance' or 'a look'
Kinko meaning 'equilibrium' or 'balance'
Hyo is a Japanese word/term for "chart"

Thus, Ichimoku means, 'a glance at an equilibrium chart'. Ichimoku indicator attempts to spot likely direction of price & help the trader to figure out the most suitable trading time to enter or exit the market.

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Calculation

Ichimoku indicator consists of five lines plotted using the midpoints of previous highs & lows. The 5 lines are calculated as follows:

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

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

3) Chikou Span: Lagging Span: Green Coloured Line Today's closing price plotted 26 stock price periods behind

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

5) Senkou Span B: Leading Span B: [Highest High + Lowest Low] / 2, for the past 52 stock price periods, plotted 26 stock price periods ahead

Kumo: Cloud: area between Senkou Span A & B

Ichimoku Technical Analysis & How to Generate Indices Ichimoku Signals

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

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

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

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Bullish index crossover signal occurs above Kumo ( clouds ),

Very strong buy trade signal.

Bearish index crossover signal occurs below the Kumo ( clouds ),

Very strong sell trade signal.

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

A bullish indices crossover signal that occurs below the clouds is considered a weak buy signal while a bearish indices crossover signal that occurs above the clouds is considered a weak sell signal.

Support and Resistance Levels

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

If price is above Kumo, the prevailing trend is said to be upward stock trend.
If price is below Kumo, the prevailing trend is said to be downward stock trend.

The Chikou Span or Lagging Span also is used to identify the momentum of buy or sell signal.

If the Chikou Span is below the closing price of the last 26 periods & a sell signal is generated, then the strength of the market trend is downwards, otherwise the signal is regarded to be a weak sell trade signal.
If there is a buy signal and the Chikou Span is above the price of the last 26 price periods, then the strength of the price trend is to the upside buy signal, otherwise it is considered to be a weak buy signal.

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