GEN Ichimoku Signal
- Indicators
- Gede Egi Narditya
- Version: 1.0
INDICATOR: GEN Ichimoku Signal
Developer: gedeegi
General Description
GEN Ichimoku Signal is an advanced technical indicator for MetaTrader 5 (MT5), designed to deliver high-confidence trend signals. This indicator intelligently combines two well-known and battle-tested trend analysis systems: Ichimoku Kinko Hyo and HalfTrend. By integrating the strengths of both methods, the indicator aims to filter out false signals and highlight only the strongest market momentum. One of its core features is automatic candlestick coloring, providing an instant visual cue on market conditions: strong uptrend, strong downtrend, or neutral/consolidation phase.
Main Features
- Hybrid Trend Analysis (Ichimoku + HalfTrend): Uses dual confirmation for signal validation.
- Ichimoku Cross: Analyzes the crossover between Conversion Line (Tenkan-sen) and Base Line (Kijun-sen) to assess short-term momentum.
- HalfTrend Direction: Utilizes the HalfTrend algorithm to determine the prevailing market trend direction.
- Dual-Condition Candlestick Coloring: Candlesticks are colored based on the alignment of Ichimoku and HalfTrend signals.
- Green Candle (Strong Uptrend): Appears only when price is above the HalfTrend line AND Tenkan-sen is above Kijun-sen.
- Red Candle (Strong Downtrend): Appears only when price is below the HalfTrend line AND Tenkan-sen is below Kijun-sen.
- Gray Candle (Neutral / No Signal): Appears when the two systems are not aligned, signaling hesitation or market consolidation — an effective filter.
- Visual Trend Lines: Displays two key trend lines directly on the chart.
- Base Line (Kijun-sen): Plotted in dynamic color (green/red) depending on its position relative to the Tenkan-sen. Acts as dynamic support/resistance and price equilibrium level.
- HalfTrend Line: Smooth trend line representing the primary trend direction. Used as a dynamic threshold to define market direction.
- Lightweight & Efficient: Built with optimized code to ensure fast performance without slowing down your MT5 platform. Focuses on clean visual clarity on the chart.
Input Parameters
Ichimoku Settings
- Conversion Periods: Period for calculating the Conversion Line (Tenkan-sen).
- Base Periods: Period for calculating the Base Line (Kijun-sen).
HalfTrend Settings
- Amplitude: Main period used by the HalfTrend algorithm to determine highs and lows for trend calculation.
- Channel Deviation: Deviation parameter for channel calculation (reserved for potential future development).
Signal & Visual Logic
- Bullish Condition (Green Candle): Strong uptrend signal is validated when both conditions are met:
- Close price is above the HalfTrend line.
- Tenkan-sen is above Kijun-sen.
- Bearish Condition (Red Candle): Strong downtrend signal is validated when both conditions are met:
- Close price is below the HalfTrend line.
- Tenkan-sen is below Kijun-sen.
- Neutral Condition (Gray Candle): If either condition is not met (e.g., price is above HalfTrend but Tenkan-sen is below Kijun-sen), the candle turns gray. This indicates a lack of agreement between systems, suggesting that traders wait for clearer signals.
How to Use
- Trend Confirmation: Use the candle colors as your primary guide. A solid green candle signals strong buying momentum; a solid red candle signals strong selling momentum.
- Market Filtering: Use gray candles as a cautionary signal or as an indication to stay out of the market. This helps avoid trading in uncertain or conflicting conditions.
- Signal Entry: Consider entering a BUY trade on the opening of the next candle after a solid green candle closes. Likewise, consider a SELL after a solid red candle closes.
- Additional Context: Use the Kijun-sen and HalfTrend lines on the chart as dynamic support and resistance references.