The Ichimoku Balance Table is a very special indicator. However, there may be people who feel that it is difficult to discern its various lines and shapes, and may find it complicated.
In this article, we will introduce an indicator for MT4 that displays only the reference line and conversion line of such an Ichimoku Kinko Hyo.
Example of displaying this indicator on the EuroDollar 1-hour chart
The Ichimoku balance table draws various lines such as a lag line and a leading span.
The reference line and the conversion line are the most important in the Ichimoku indicator. The accuracy is high enough to trade with only this reference line and the conversion line.
This indicator draws only the reference line and the transition line on the chart, so that the lines don’t mess up the whole chart. In particular, this indicator is characterized by the default shifting of the reference and transition lines.
Tips on how to use it:
- Conversion line (Tenkan) exceeded reference line (Kijun) = chance to buy
- Conversion line (Tenkan) fell below the reference line (Kijun) = chance to sell
In addition, the reference and conversion lines can be considered as potential support zones and resistance zones.
By the way, the calculation method of the reference line and the conversion line is as follows:
- Conversion line = (highest value in the past N days + same low value) ÷ 2 (N is usually 9)
- Base line = (highest value in the past N days + same low value) ÷ 2 (N is usually 26)
N can be set via the parameters.
- Tenkan - The period for Tenkan Line
- Kijun - The period for Kijun Line
- TenkanShift - The shift for Tenkan Line
- int KijunShift - The shift for Kijun Line
Download the "Kijun_Tenkan" indicator from the button below
Tip: Can’t open the downloaded archive file (ZIP or RAR)?
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.