The Ichimoku indicator for Metatrader 5 provides 100% non-repainting buy and sell cloud signals based on the Ichimoku trading method.
This indicator has gained significant popularity among traders due to its user-friendly nature and its ability to generate highly accurate trend signals.
To identify a buy or sell trend, pay attention to the color of the clouds displayed on the chart:
- The light-brown colored cloud indicates a bullish market trend.
- The gray colored cloud suggests a bearish market trend.
The indicator offers the following inputs and parameters: tenkan-sen, kijun-sen and Senkou Span B.
For enhanced trading analysis, you can combine the Ichimoku indicator with other technical analysis tools and techniques.
By doing so, you can increase the probability of executing successful Forex trades.
Gain confidence in utilizing the Ichimoku indicator and test it first on a demo account for an extended period.
It supports all time frames and Forex pairs.
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Chart Example
The following trading chart shows how the Ichimoku indicator looks when applied to the MT5 charting platform.
How To Buy And Sell Forex Pairs With The Ichimoku Indicator?
Find a simple trading example below:
Buy Signal
- A bullish trading signal is given when the light-brown colored Ichimoku cloud appears in the price chart.
- Open a buy market order and place your stop loss below the most recent support zone.
- Close the buy trade for a fixed take profit target, or hold the trade and wait for a sell signal.
Sell Signal
- A bearish trading signal is given when the gray colored Ichimoku cloud appears in the price chart.
- Open a sell market order and place your stop loss above the most recent resistance area.
- Close the buy trade for a fixed take profit target, or hold the trade and wait for a buy signal.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the ichimoku.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration
