I made this indicator for myself and have found it so useful I thought I would share it.
It is based on the standard MT4 Ichimoku Kinko Hyo indicator but I have designed it to track the RSI values instead in a sub window.
You can use it as confirmation of other strategies, or if you are a dedicated Ichi user you can use it as a fantastic adjunct to your Ichi charts.
The one thing I have noticed, and I have displayed in the charts below with a live trade I took, is the great signal that the GREEN Chinkou Span line gives to show tops n bottoms or a momentary consolidation in a trend.
Another point that often yields a good move is when all three lines break through the clouds at once in either direction as per when I took the trade shown. Works well if you can see that pa has a little room to move (13 pip minimum) to resistance. Incidentally I closed the trade on the confirmed reject of the 70 rsi line as news was moments away and I ended up with a nice little pre-news range scalp.
When putting on your chart, just change the last color to the color of your chart to float the clouds.
NOTE: Version 2 is updated with an automatic shading system that matches the color of your chart automatically.
Dll's need to be allowed for the automatic version. This saves you the trouble of matching the last color to that of your chart
so that the clouds appear to float. Once loaded the auto color needs 1 tick to find your charts color.
For more examples of indi's with auto color change you can pop over to my website.
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