Best Ichimoku for 1 Hour Stock Indices Chart
Adding MetaTrader 4 Ichimoku Stock Indices Chart Indicator
Step 1: Open Navigator Window Panel on Stock Indices 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)
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Adding Ichimoku MetaTrader 4 Indices Technical Chart Indicator
Expand the menu by clicking the expand button 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 indices indicator from this list of stock indices indicators so as to add the Ichimoku indices indicator on the stock indices chart.
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How to Install Ichimoku Indicator MetaTrader 4
If the Ichimoku indices technical indicator you want to add is a custom indicator - for example if the Ichimoku technical indicator you want to add is a custom Ichimoku indicator you will need to first add this custom Ichimoku indices indicator on the MetaTrader 4 software & then compile the custom Ichimoku indices indicator so that the newly added Ichimoku custom indices indicator pops up on the list of custom indicators on the MetaTrader 4 software.
To learn how to install Ichimoku indicator on MetaTrader 4, how to add Ichimoku indices indicator panel to MT4 and how to add Ichimoku custom indicator in MT4 - How to add a custom Ichimoku indices indicator in MetaTrader 4.
About Ichimoku Indices Trading Indicator Guide
Ichimoku Technical Indicator
Ichimoku 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 means, 'a glance at an equilibrium chart'. Ichimoku technical indicator attempts to spot likely direction of stock indices price and help the trader to figure out the most suitable time to enter or exit the stock indices 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 indices price periods
2) The Kijun-Sen: Base Line: Blue Line (Highest High + Lowest Low) / 2, for last 26 stock indices price periods
3) Chikou Span: Lagging Span: Green Line Today's closing stock indices price plotted 26 stock indices price periods behind
4) The Senkou Span A: Leading Span A = (Tenkan-Sen + Kijun-Sen) / 2, plotted 26 stock indices price periods ahead
5) Senkou Span B: Leading Span B: (Highest High + Lowest Low) / 2, for the past 52 stock indices price periods, plotted 26 stock indices price periods ahead
Kumo: Cloud: area between Senkou Span A & B
Ichimoku Stock Indices Technical Analysis and How to Generate Indices Ichimoku Signals
Bullish index signal - Tenkan Sen crosses over Kijun Sen from below.
Bearish indices signal - Tenkan - Sen crosses Kijun - Sen from above.
However, there are different areas of strength for the buy and sell signals generated.
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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 levels can be predicted by the presence of Kumo (clouds). The Kumo can also be used to identify the current indices trend of the indices price.
- If stock indices price is above the Kumo, the prevailing indices trend is said to be upward stock indices trend.
- If stock indices price is below the Kumo, the prevailing indices trend is said to be downward stock indices 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 stock indices price of the last 26 periods and a sell signal is given, then the strength of the indices trend is downwards, otherwise the indices signal is considered to be a weak sell signal.
- If there is a buy stock indices signal and the Chikou Span is above the stock indices price of the last 26 periods, then the strength of the stock indices price trend is to the upside buy signal, otherwise it is considered to be a weak buy signal.
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