Best Ichimoku for 1 Hour Chart

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 choose 'Navigator' panel 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 MetaTrader 4 Technical Chart Indicator

Expand expand button marked (+) or double click the 'indicators' menu, after this the button will appear 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 technical 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 how to install Ichimoku indicator in MetaTrader 4, 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 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) 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 close 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 & Resistance Levels

Support and resistance zones can be predicted by the presence of Kumo (clouds). The Kumo also can be used to identify the ruling 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 determine the 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 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 market 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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