Best Ichimoku for 1 Hour Chart

Adding MetaTrader 4 Ichimoku Chart Indicator

Step 1: Open Navigator Window Panel on Trading Software

Open Navigator panel as illustrated and shown below: Navigate to 'View' menu (click it) and then choose 'Navigator' window (click), or From Standard Toolbar click on 'Navigator' button key or press short-cut key-board keys 'Ctrl+N'

On Navigator window, choose 'Technical Indicators', (Double-Click)

Best Ichimoku for 1 Hour Chart - Best Ichimoku for 4 Hour Chart - Best Ichimoku for Daily Chart Indices

Adding Ichimoku MetaTrader 4 Technical Chart Indicator

Expand the expand button marked (+) 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 indicator from this list of indicators so as to add the Ichimoku indicator on 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 technical indicator - for example if the Ichimoku technical indicator you 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 indicators on the MetaTrader 4 trading platform.

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

About Ichimoku Indices Trading Indicator Guide

Ichimoku Technical Indicator

Ichimoku is a Japanese charting method

• Ichimoku means 'a glance' or 'one look'
• Kinko means 'equilibrium' or 'balance'
• Hyo is the Japanese word 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 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 five lines are calculated as follows:

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

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

3) Chikou Span: Lagging Span: Green 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 - Tenkan - Sen crosses Kijun - Sen from above.

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

Best Ichimoku for 15 Minutes Chart - Best Ichimoku for 5 Minutes Chart - Best Ichimoku for 1 Minute Chart Indices

Bullish index crossover signal occurs above Kumo ( clouds ),

Very strong buy signal.

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

Very strong sell 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 the presence of Kumo (clouds). The Kumo can also be used to identify the current trend of the price.

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

The Chikou Span or Lagging Span is also used to determine strength of the buy or sell signal.

• If the Chikou Span is below the closing price of the last 26 periods & a sell signal is given, then the strength of the trend is down-wards, otherwise the signal is considered to be a weak sell signal.
• If there is a buy signal and the Chikou Span is above the price of the last 26 periods, then the strength of the price trend is to the upside buy signal, otherwise it's considered to be a weak buy signal.

Best Ichimoku for 1 Hour Chart - Best Ichimoku for 4 Hour Chart - Best Ichimoku for Daily Chart - Best Ichimoku for 15 Min Chart - Best Ichimoku for 5 Minutes Chart - Best Ichimoku for 1 Minute Chart Indices