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The Ichimoku Kinko Hyo is a very unique indicator. It's not an exaggeration to say that trading can be done only with the Ichimoku Cloud, but the pillar of this fantastic indicator is the “baseline”. The baseline is fairly accurate, and some people trade with a combination of this baseline and other indicators.
This MT4 indicator is characterized by color-coding the chart based on this reference line.
Example of the indicator displayed on the EURUSD 1-hour chart
Look at the image above. You should see that the candlesticks are colored. They are colored blue when the candlestick closing price is above the baseline of the Ichimoku Cloud, and red when it is below the Ichimoku Equilibrium Table.
In the image below, the reference line of the Ichimoku Kinko Hyo is also displayed for reference.
Example of displaying the reference line of the Ichimoku Kinko Hyo with this indicator
Tips for using:
1. As you can see from the image used for trend judgment, when the reference line is red, you can see that it is a downtrend as a whole. Conversely, if it is blue, it is an uptrend. In this way, it is possible to judge the trend using this indicator.
2. It is a good idea to develop a trading strategy in combination with the reference line used to determine the entry timing and other indicators. The reference line is compatible with the moving average line, but the possibilities for combination are infinite. In addition, it can also be used for hand closing, such as “determining profits and cutting losses when the color of the candlestick reverses”.
Compatibility: MT4
Parameters:
- Candle_Kijun_Sen - The period used for Kijun calculation
- extern int Candle_Shadow_Width - The width of candle shadow
- extern int Candle_Body_Width - The width of the candle body
Download the "Kijun_Two_Colors" indicator from the button below
Tip: Can’t open the downloaded archive file (ZIP or RAR)?
Try WinRAR for Windows or The Unarchiver for Mac .
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.
