The Ichimoku Trend Monitor with Alert for Metatrader 4 is a directional trend indicator that provides precise trade entries for any time frame and pair.
The indicator pops up in the main MT4 chart window as a dashboard with all signal arrows in it.
The Ichimoku Trend Monitor with Alert indicator is newbie-friendly and can be used by anyone, regardless of prior trading experience.
Buy & Sell Trade Example
- A buy signal occurs when all arrows are colored blue for your chosen time frame.
- A sell signal occurs when all arrows are colored red for your chosen time frame.
The indicator can be used for both trade entry and exit, or as an additional confirmation filter for other strategies and systems.
For scalping and day trading, the indicator performs best during the London and New York trading sessions.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “Ichimoku_Monitor.ex4” indicator for MT4
Indicator Chart (EUR/USD H1)
The picture below shows the Ichimoku Trend Monitor with Alert mt4 indicator in action on the trading chart.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Ichimoku Trend Monitor with Alert indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Ichimoku
Does the indicator repaint? No.
Ichimoku Trend Monitor + 2 Candles Reversal MT4 Scalping Strategy
This scalping strategy combines the Ichimoku Trend Monitor with Alert for MT4 with the 2 Candles Forex Reversal Signal Indicator for MT4.
The system is designed for fast intraday trading, using trend confirmation from the Ichimoku monitor and precise reversal signals from the 2 Candles indicator.
The Ichimoku Trend Monitor shows arrows in a dashboard for your selected timeframe.
When all arrows are blue, the market is bullish. When all arrows turn red, the trend is bearish.
The 2 Candles Forex Reversal Signal indicator identifies short-term reversals.
Red arrows indicate a buy setup, while blue arrows signal a sell opportunity.
By trading only when both indicators align, traders can improve accuracy and reduce false entries during scalping.
This strategy works best on M5 and M15 charts and is suitable for active forex pairs such as AUDUSD, NZDUSD, and USDCAD.
It is ideal for traders who prefer quick entries, clear trend confirmation, and structured exits during intraday sessions.
Buy Entry Rules
- Wait for all Ichimoku Trend Monitor arrows on your timeframe to turn blue, confirming a bullish trend.
- Look for a red buy arrow from the 2 Candles Reversal Signal indicator.
- Enter a buy trade at the open of the next candle after both conditions are met.
- Place a stop loss below the most recent swing low or the nearest support level.
- Set take profit at 1.5 to 2 times the stop loss distance, or exit if Ichimoku arrows turn mostly red.
Sell Entry Rules
- Wait for all Ichimoku Trend Monitor arrows to turn red, confirming a bearish trend.
- Look for a blue sell arrow from the 2 Candles Reversal Signal indicator.
- Enter a sell trade at the open of the next candle after both conditions are met.
- Place a stop loss above the most recent swing high or the nearest resistance level.
- Set take profit at 1.5 to 2 times the stop loss distance, or exit if Ichimoku arrows turn mostly blue.
Advantages
- Combines trend confirmation with reversal timing for accurate scalping entries.
- Visual dashboard and arrows make trade setups easy to identify.
- Effective for short intraday timeframes like M5 and M15.
- Reduces false entries by requiring both indicators to align.
- Applicable to multiple currency pairs.
Drawbacks
- Less effective in choppy or sideways markets.
- Requires quick reactions and attention for optimal scalping.
- Signals can lag slightly in very volatile conditions.
- Stop loss and take profit placement are essential for consistent results.
- Missed trades can occur if the price moves too fast between signals.
Example Case Study 1
On the AUDUSD M5 chart, all Ichimoku arrows turned blue while the 2 Candles indicator showed a red buy arrow.
A buy trade was entered at 0.6752 with a stop loss at 0.6745 and a take profit at 0.6765.
The trade captured 13 pips within 20 minutes before the Ichimoku arrows changed, demonstrating the accuracy of the combined trend and reversal signals.
Example Case Study 2
On the NZDUSD M15 chart, all Ichimoku arrows turned red, and a blue sell arrow appeared on the 2 Candles indicator.
A sell trade was opened at 0.6185 with a stop loss at 0.6195 and a take profit at 0.6170.
The trade reached the target within 30 minutes, yielding 15 pips.
This setup shows how the strategy can efficiently capture short-term intraday moves using alignment between trend and reversal signals.
Strategy Tips
- Focus on M5 and M15 charts for scalping opportunities.
- Trade only when both Ichimoku arrows and 2 Candles arrows align to avoid false signals.
- Avoid trading during major news events or low liquidity periods.
- Consider partial exits or trailing stops for strong moves.
- Backtest the strategy on multiple pairs to optimize settings for your preferred market.
Download Now
Download the “Ichimoku_Monitor.ex4” indicator for Metatrader 4
