Ichimoku Style MT5
- Javier Morales Fernandez
- Version: 1.0
What is Ichimoku?
The Ichimoku is a technical indicator collection that shows support and resistance levels and momentum and trend direction. It does this by taking multiple averages and plotting them on a chart. It also uses these figures to compute a “cloud” that attempts to forecast where the price may find support or resistance in the future. The Ichimoku is composed of five lines or calculations, two of which comprise a cloud where the difference between the two lines is shaded in.
The lines include a nine-period average, a 26-period average, an average of those two averages, a 52-period average, and a lagging closing price line.
The cloud is a vital part of the indicator. When the price is below the cloud, the trend is down. When the price is above the cloud, the trend is up.
The above trend signals are strengthened if the cloud moves in the same direction as the price. For example, the top of the cloud is moving up during an uptrend, or during a downtrend, the bottom of the cloud is moving down.
The Ichimoku was developed by Goichi Hosoda, a Japanese journalist, and it was published in the late 1960s.1 It provides more data points than the standard candlestick chart. While it seems complicated at first glance, those familiar with reading the charts often find it easy to understand with well-defined trading signals.
Please consider checking my other products https://www.mql5.com/en/users/javimorales.fer/seller
Because the style matter
I know how annoying it is to click properties every time to change the candle’s color, the background to light or dark, and put or remove the grid. This indicator offers in the left corner:
- Three customizable buttons to choose the candle style that traders want.
- One button to switch between light and dark background
- One button to show or hide the grid on the charts.
******Feel free to contact me if you have any questions********
Javier Morales, founder of Algorithms for Trading.