Discussing the article: "MQL5 Wizard Techniques you should know (Part 46): Ichimoku"
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Check out the new article: MQL5 Wizard Techniques you should know (Part 46): Ichimoku.
The Ichimuko Kinko Hyo is a renown Japanese indicator that serves as a trend identification system. We examine this, on a pattern by pattern basis, as has been the case in previous similar articles, and also assess its strategies & test reports with the help of the MQL5 wizard library classes and assembly.
The Ichimoku Kinko Hyo, that is often referred to as the Ichimoku Cloud, is a wide-embracing technical analysis system designed to provide a holistic view of market trends; support and resistance levels; as well as momentum. Developed in the late 1930s and refined over the subsequent three decades, Ichimoku Kinko Hyo translates from Japanese to "one-look equilibrium chart" or "at-a-glance balance chart,"; names which emphasize its design to offer a single, detailed perspective on the market.
This indicator, which serves as a system, consists of five lines (or buffers) and a shaded area usually called the Kumo (which is Japanese for Cloud). Each of the constituent buffers is meant to capture particular aspects of price behaviour, and they are the Tenkan-sen (aka Conversion Line, and serves as a Short-term momentum indicator); Kijun-sen (aka baseline & it acts as a Medium-term trend indicator); Senkou Span A (or Leading Span A) and Senkou Span B (or Leading Span B) which together, form the Kumo, projecting support and resistance levels into the future; and finally the Chikou Span (or Lagging Span) which works as a line that plots the closing price, shifted backward, thus offering a look at historical price action in relation to current levels.
Author: Stephen Njuki