MT4 Ichimoku Indicator (Scanner)

MT4 Ichimoku Indicator
MT4 Ichimoku Indicator is a versatile indicator that combines several approaches to market analysis and is designed to identify trends and support / resistance areas. The indicator allows you to define signals for 5 types of Ichimoku strategies: Ichimoku Cloud (Kumo) Breakout, Kijun Sen Cross, Tenkan Sen / Kijun Sen Cross, Senkou Span Cross and Chikou Span Cross.

MT4 Ichimoku Indicator

MT4 Ichimoku Indicator monitors the movement of prices in the market and helps to determine the beginning of a new trend and its direction in a timely manner. Due to this, the trader can use the full potential of the trend – opening and closing trades at the most favorable moments.

ichimoku indicator

The main advantage of this indicator is that a trader can choose a strategy that suits his trading style. MT4 Ichimoku Indicator includes 5 types of strategies: Ichimoku Cloud (Kumo) Breakout, Tenkan Sen / Kijun Sen Cross, Kijun Sen Cross, Senkou Span Cross, Chikou Span Cross with advanced settings for detecting strong, neutral and weak signals.

With the the scanning function, the MT4 Ichimoku Indicator can work on several symbols and timeframes at the same time. Detected signals are displayed in the dashboard. The dashboard significantly increases the efficiency of the trader’s work – it allows the trader to assess the market situation as a whole, provides an opportunity to quickly proceed to the analysis of the detected signal and make a decision to open a trade.

The indicator provides for setting up various types of notifications about found signals (pop up alert, email and mobile alerts), as well as separate alert settings for weak, neutral and strong strategy signals.

 

How to trade using MT4 Ichimoku Indicator?

Ichimoku Indicator is a multifunctional indicator that actually represents a whole autonomous trade a system consisting out of five major components (indicative lines), each from which It has his name, construction method and its special entrusted on the her function:

  • Tenkan-Sen Line (Turning line) – is the fastest of the Ichimoku lines and shows the current trend with its slope (up slope – uptrend, down – downtrend, sideways – flat). Defines the short-term trend vector.
  • Kijun-Sen Line (Standard line) – like Tenkan-Sen, it shows the current trend direction. It is a long-term trend vector.
  • Chikou Span Line (Lagging line) – helps to visualise the relationship between current and previous trends, as well as identify potential trend reversals.
  • Senkou Span A Line (1st leading line) is the first line of the cloud (Kumo) and is derived from Tenkan and Kijun, being their mean value. Senkou Span A functions as support / resistance for the current trend.
  • Senkou Span B Line (2nd leading line) – is the second line of the cloud (Kumo) and the slowest of the lines of the indicator, in addition, Senkou Span B has been shifted forward by the Kijun calculation period. Acts as the second support / resistance line of the current trend.

 

Essentially a cloud (Kumo) formed by Senkou lines Span A and B, is the zone of support and resistance of the trend. And also a trend indicator: if the price is in the cloud, the market is flat, and if the price is outside the cloud, there is a trend in the market (if the cloud is at the top, then the trend is down, and if it is down, then it is up).

The color of the cloud also indicates the current trend. If the cloud is colored in the color of the first line (dotted line), then the market is in an uptrend, and if it is in the color of the second line (dotted line), it is a downtrend.

 

Ichimoku Cloud (Kumo) Breakout

ichimoku cloud breakout indicator

A BUY signal occurs when the price breaks the upper limit of Cloud (Kumo).

ichimoku kumo breakout indicator

When the price breaks the lower boundary of Cloud (Kumo), a SELL signal appears.

Tenkan Sen / Kijun Sen Cross

A BUY signal occurs when the Tenkan-Sen crosses the Kijun-Sen from the bottom up.

ichimoku tenkan kijun cross

A weak signal occurs when the crossover is below the Cloud.

tenkan sen kijun sen indicator

A neutral signal occurs when the crossover is inside the Cloud.

tenkan kijun crossover

A strong signal occurs when the crossover is above the Cloud.

The signal to SELL is the crossing of Tenkan-Sen Kijun-Sen from top to bottom.

tenkan sen kijun sen crossover indicator

A weak signal will be a crossover above Cloud.

tenkan sen indicator

The neutral signal will be the crossover inside Cloud.

tenkan kijun cross indicator

A strong signal will be a crossover below the Cloud.

Kijun Sen Cross

A BUY signal occurs when the price crosses the Kijun-Sen upwards.

ichimoku kijun sen indicator

The crossover is below Cloud – a weak buy signal.

kijun sen indicator mt4

The crossover is inside Cloud – a neutral buy signal.

kijun sen indicator

The crossover is above Cloud – a strong buy signal.

A SELL signal occurs when the price crosses the Kijun Sen from top to bottom.

ichimoku kijun indicator mt4

The crossover is above Cloud – a weak sell signal.

kijun sen cross indicator

The crossover is inside Cloud – a neutral sell signal.

ichimoku kijun sen crossover indicator

The crossover is below Cloud – a strong sell signal.

Senkou Span Cross

A BUY signal occurs when Senkou Span A crosses Senkou Span B from bottom to top.

ichimoku senkou span indicator

A weak signal occurs if the current price is below Cloud.

senkou span indicator mt4

A neutral signal occurs if the current price is inside Cloud.

senkou span indicator

A strong signal occurs if the current price is above Cloud.

A SELL signal occurs when Senkou Span A crosses Senkou Span B from top to bottom.

ichimoku senkou span mt4 indicator

A weak signal occurs if the current price is above Cloud.

senkou span cross indicator

A neutral signal occurs if the current price is inside Cloud.

ichimoku senkou span crossover indicator

A strong signal occurs if the current price is below Cloud.

Chikou Span Cross

A BUY signal occurs when Chikou Span moves in the direction of the price (up) and crosses it from the bottom up.

chikou span cross mt4 indicator

Weak signal – the current price is lower Cloud.

chikou span indicator mt4

Neutral signal – the current price is inside Cloud.

chikou span breakout indicator mt4

Strong signal – the current price is above Cloud.

A SELL signal occurs when Chikou Span moves in the direction of the price (down) and crosses it from top to bottom.

chikou span crossover indicator

Weak signal – the current price is above Cloud.

ichimoku chikou span indicator

Neutral signal – the current price is inside Cloud.

chikou span cross strategy indicator

Strong signal – the current price is below Cloud.

How to interpret the Ichimoku Indicator and read the dashboard?

The dashboard shows information about the current status of detecting signals.

ichimoku buy sell signals scanner

The cell of the asset / timeframe contains information about the direction of the trade (BUY or SELL), signal strength (weak, neutral, strong) and the serial number of the bar (the number of bars back) on which the signal was detected.

The color of the cell indicates the direction of the trade (BUY – green, SELL – red) and changes the saturation of the main color depending on how much the distance of the bars from the last bar on which the signal was detected increases.

The dashboard allows traders to easily and fastly choose the assets they want to work with by clicking on a particular cell in the dashboard.

 

MT4 Ichimoku Indicator input parameters

The indicator has the following parameters:

ichimoku indicator mt4 settings

assets – selection of assets to search for signals.

enable_M1 – enable_MN – include / exclude timeframes (from a minute to a month) to search for signals via them.

max_bars – the maximum number of bars back, by which the scanner will search for signals. The parameter limits the number of calculations to speed up the indicator.

enable_alert – the option enables / disables alerts.

enable_email – allows you to send email alerts.

enable_mobile – allows you to send alerts to your mobile device.

Ichimoku Settings – setting individual parameters of Ichimoku lines.

indicator_type – selection of strategy type from 5 available: Ichimoku Cloud (Kumo) Breakout, Tenkan Sen / Kijun Sen Cross, Kijun Sen Cross, Senkou Span Cross and Chikou Span Cross.

enable_strong_signals – enable / disable strong strategy signals.

enable_neutral_signals – enable / disable strategy neutral signals.

enable_weak_signals – enable / disable weak strategy signals.

enable_strong_alerts – enable / disable alerts about detected strong strategy signals.

enable_neutral_alerts – enable / disable alerts about detected neutral strategy signals.

enable_weak_alerts – enable / disable alerts about detected weak strategy signals.

 

Custom Programming

mt4 custom programming
We can upgrade the presented indicator to suit your needs – add new functions, change the algorithm for calculating signals, or combine it with your other indicator, turning it into a single powerful tool for your trading strategy.

We can also turn the indicator into an Expert Advisor (trading robot) with an extended set of custom functions (stop loss, take profit, trailing stop, risk management parameters, trading time limit, and others).

Request a free consultation from our team of professional programmers and find out the cost and timing of your project development.

Disclaimer 

Nordman Algorithms is not liable for any risk that you face using the software. Please, use the software on your own responsibility. The software is coded in accordance with a common known concept and Nordman Algorithms does not guarantee accuracy or trading performance of the software signals.

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