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Kijun Sen and Envelope - indicator for MetaTrader 4

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votes: 8
2013.06.10 09:55
2016.11.22 07:32

This indicator draws: 1 Kijun Sen + 1 Envelope + 3 Price Labels.

The Kijun Sen, Envelope and Price Labels can be shown/hidden as required.

Envelopes can be used to identify:

  • Price ranging;
  • Overbought price levels;
  • Oversold price levels;
  • Take Profit levels;
  • Stop Loss Levels.

Lower timeframes will require higher Kijun Sen periond and lower Envelope deviation, higher timeframes lower Kijun Sen period and higher Envelope deviation. Adjust according to user preference.

Note: Kijun Sen functions well in trending markets. Be aware of chop during ranging markets. 

Also available for MetaTrader 5:

Image: Kijun Period = 26, Envelope Deviation = 4000, Timeframe = Daily

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